The President, Chartered Institute of Treasury Management (CITM), and former Accountant General for the Federation, Mr Ahmed Idris, has urged newly inductees to be good ambassadors of the institute.
He said this at the second recertification and induction programme of new members in Abuja.
He was represented by the Vice Chancellor, Nigerian Army University, and Head of Directorate of the Institute, Prof. Ahmed Imam at the event, which had as its theme, “Sustainable Treasury: A Catalyst Towards a Virile Economy”.
He implored the inductees to be steadfast, and supportive and represent the interest of the Institute in all they do.
“We are all ambassadors of a very good cause; let us all demonstrate our capacity for good and innovative things and lead by example,” he said.
He said CITM was a pioneer in creating value for managing the treasury, institutionalising preventive mechanism and building capacity through scholarly activities.
This he said was to safeguard the treasury against fraud and the misapplication and misappropriation of financial resources placed in the custody of fund managers.
He said a sustainable treasury remained a concept that emphasised the integration of environmental, social, and governance factors into treasury operations.
The aim according to him is to promote long-term economic, social, and environmental sustainability.
He added that treasury function within an organisation could play a crucial role in driving positive change in the economy.
He said, by adopting sustainable treasury practices, organisations could align their financial decision-making with broader sustainability goals.
This involves considering the environmental and social impacts of treasury operations, as well as the governance structures and ethical considerations surrounding financial activities.
He said the journey towards putting the Institute was not an easy one.
He expressed gratitude to President Muhammadu Buhari for the assent after almost 14 years at the National Assembly and having gone through all legislative processes a couple of times.
He said, “Our appreciation will not be complete if we do not recognise the indefatigable support of the Federal House of Representatives Chief Whip Rt. Hon. Mohammed Tahir Mongono, who is now a Senator Elect of the Federal Republic, the Technical Advisor to the Clerk of the National Assembly in the person of Dr Paul Adara Adiwu, and a host of all other well-meaning Nigerians who felt our nation cannot be left out in the comity of Nations by having a Treasury Management Institute.
“Within this period, the CITM has achieved a lot of landmarks in this space of time. The collaboration with Treasury Management International (TMI), the Master Programme with the Department of Banking and Finance of Ahmadu Bello University Zaria, the Memorandum of Understanding with the Association of National Accountants of Nigeria, and our recent breakthrough with our members having the privilege of having their certificates processed as Registered Finance Professionals by the Financial Reporting Council is another win within the space of time the Institute was assented to..
“Therefore, I implore you all to be steadfast, and supportive and represent the interest of the Institute in all you do. We are all ambassadors of a very good cause; let us all demonstrate our capacity for good and innovative things and lead by example. CITM is a pioneer in creating value for managing the treasury, institutionalizing preventive mechanism and building capacity through scholarly activities to safeguard the treasury against fraud and the misapplication and misappropriation of financial resources placed in the custody of fund managers.
That brings me to the theme of our program for today “Sustainable Treasury: A Catalyst Towards a Virile Economy”.
“A sustainable treasury is a concept that emphasizes the integration of environmental, social, and governance (ESG) factors into treasury operations, with the aim of promoting long-term economic, social, and environmental sustainability. It recognizes that the treasury function within an organization can play a crucial role in driving positive change and contributing to a more robust and resilient economy.
“By adopting sustainable treasury practices, organizations can align their financial decision-making with broader sustainability goals. This involves considering the environmental and social impacts of treasury operations, as well as the governance structures and ethical considerations surrounding financial activities. The focus is on integrating sustainability considerations throughout the treasury lifecycle, from cash management and investments to risk management and reporting.
“Sustainable treasury practices encompass several key elements. Firstly, organizations can incorporate ESG criteria into their investment and funding decisions, prioritizing investments in environmentally friendly and socially responsible projects. This helps direct capital towards sustainable initiatives and industries, fostering the transition to a low-carbon economy and promoting social development.
“Secondly, sustainable treasury involves implementing robust risk management practices that consider climate-related risks, such as physical risks (e.g., extreme weather events) and transitional risks (e.g., regulatory changes). By understanding and mitigating these risks, organizations can protect their financial assets and contribute to a stable and resilient economy.
“Thirdly, sustainable treasury emphasizes transparency and reporting, with organizations disclosing their sustainability performance and impact. This enables stakeholders, including investors, customers, and regulators, to assess the organization’s commitment to sustainability and make informed decisions.
“Finally, sustainable treasury practices also involve promoting financial inclusion and supporting economic development in underserved communities. By leveraging financial resources and expertise, organizations can contribute to inclusive growth, job creation, and poverty alleviation.
“Overall, a sustainable treasury acts as a catalyst towards a virile economy by integrating sustainability principles into financial decision-making. It recognizes that economic prosperity cannot be achieved in isolation from environmental and social considerations. By embracing sustainable treasury practices, organizations can drive positive change, contribute to a more resilient and inclusive economy, and create long-term value for all stakeholders.
“Apart from the Theme Paper which will be delivered by a renowned professor, we will have 3 technical sessions covering 14 papers that had been developed by the Institute for our members’ certification. These papers will be summarized not taught. By the time they are ready for distribution, we will inform each member to pay for the courier fee to get them to their destinations. These books are not to be used for decorations or fill the libraries, they are to be read and worked upon as some of our following Mandatory Continuous Education will be based on the contents and we will call on any of our members to be the anchor.
“On behalf of the President of Chartered Institute of Treasury Management, I want to promise you that the knowledge you will acquire with these 2 days will help you in your field of work and will sure help you to see the differences between Treasury Management and Financial Accounting. We wish you happy stay and please enjoying the deliberations and the hospitality of the Federal Capital Territory.
I hereby declare the occasion open. Once again, you are welcome.”
One of the inductees, Mr Sali Musa, from Bauchi, a civil servant at Giade Local Government Area, with the Finance Department was said they had learnt a lot from the programme.
According to him, “we have gained knowledge from the training by the institute and the way we manage our treasury from now will change in regard to our vocation.”
51 new members were inducted into the institute.