The Registrar and Chief Executive of Chartered Institute of Treasury Management (CITM), Mr. Olumide Adedoyin, has identified lack of proper treasury management as a major problem bedeviling Nigeria’s economy.
Mr. Adedoyin, who spoke at a breakfast round-table meeting with Journalists in his office in Kaduna, noted that assets are dying today, because there are no proper management of cash and liquidity.
He said it has become imperative to put a measure in place in Nigeria to minimize risks by providing ethical training for those managing the resources.
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Adding that, if cash management impact on the nation, economy will be stabilize.
“Proper management of treasury is an integral part of any organization and when a measure is put in place to check the system it would stop fraud from happening rather than wait for it to happen before checking it.” He said.
He stressed that, “supervision and management of cash flows and its balances should be managed, for better banks services, proper allocation of funds which will maximize fraud and embezzlement.
Mr. Olumide noted that, risk of loss in management of investment in liquid assets will be eliminated, firms will operate at minimum cost of funds, to promote the study and practice of proper management of the treasures as a safeguard against fraud, outright embezzlement, emasculation, misappropriation of scarce resources.
He disclosed that, proper management of funds, will provide opportunities for treasury managers, financial controllers and fund managers to improve and enhance their technical/career skills development as professionals.
