By Femi Ogunshola
The Chartered Institute of Treasury Management (CITM) has inducted the first set of 110 members following President Muhammadu Buhari assent to the Bill to establish the Chartered Institute of Treasury Management (CITM).
The members were admitted at the CITM post chartered induction and award of certificate ceremony of the institute on Friday in Abuja.Theme of the Induction is “Sustainable Treasury, a Catalysts Towards Virile Economy.”Mr Emmanuel, Nwude-Chu, Acting President/Acting Chairman of Council, said that there was the need for the institute to deal with issues around misappropriations and misapplication of funds in the country.
He said that there had been a lot of misappropriations and misapplication of funds by fund managers, adding that this was what informed the formation of the institute.This, according to him, is to be able to take care of such menace, as technocrats and to give professional advice in other to stop that leakages.He harped on the need for training to be able to produce fund managers who are at the forefront of fund management.
He added that a treasury managers was a hunters of opportunities to be able to ensure efficient management of funds.Dr Muhammad Buba, Chairman, Board of Fellows, CIMT, of Nigeria said that there was the need for induction and recertification of members after the assent of the Act by President Muhammadu Buhari that made the institute chartered.
He said that there was need to induct new members and to recertify the old ones, adding that the treasury remained the oracle of cash management.According to him, if you get it right and you are able to manage the treasury very well, some of these corruption that we are fighting, if we go by the institute, Nigerians will stand to gain in the fight against corruptionHe said that CITM had the ability to manage resources particularly cash resources.
Mr Akeju Daniel, the Technical Adviser to CITM, said that the investiture was a maiden institute in the country, this he said was after approval approval from the President.“
The institute is here to cover the lacuna from other institutes which has to do with the management of the treasury.“We have others institute s that have been trying their best when it comes to accounting, management, reporting but when it comes to the management of the Treasury, Nigeria is lagging behind.”According to him, in the world, Nigeria becomes number 56 that has just joined the rank of having treasury management institute.“We are happy for that because the President sees the need for us to have it because of the problem we are facing in managing the Nigeria treasury system.”
He said that this was not limited to the country’s treasury system as many other private enterprises who were having private treasury department did not have professionals who are managing their treasury.He said that the institute would now train professionals to help them on how it is been done in other part of the world.This he said would enable them operate in the level that developed countries were operating when it comes to management of treasury.(NAN)
