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By Tracy Moses
The Chartered Institute of Treasury Management (CITM) has faulted recent remarks by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, on the rise of professional bodies in the country, describing his comments as divisive and dismissive of parliamentary authority.
In a statement signed by its Registrar and Chief Executive, Adedoyin Olumide, the institute congratulated ICAN on its 60th anniversary and acknowledged its longstanding impact on the accounting profession, but firmly rejected any insinuation that other recognized professional bodies are of lesser relevance.
Olumide explained that CITM was created through the Chartered Institute of Treasury Management Act, 2021, with a clear mandate to strengthen Nigeria’s financial framework by focusing specifically on treasury management, covering areas such as liquidity control, risk management, and corporate finance.
“Questioning the existence of other bodies under the guise of ‘proliferation’ undermines the authority of the law. Our institute brings a unique specialization that improves efficiency and aligns with global standards,” the statement noted.
He pointed out that while ICAN and CITM have different areas of focus, their roles complement each other. According to him, advanced economies have shown that collaboration between professional bodies is the key to building stronger institutions, a practice Nigeria must also adopt.
Olumide therefore appealed to ICAN’s leadership to embrace inclusivity and acknowledge the contributions of all professional organizations working to improve the nation’s financial ecosystem.
“Rather than creating divisions, we should be working together. CITM is ready to collaborate with ICAN and other institutions in pursuit of Nigeria’s economic progress,” he added, restating CITM’s commitment to promoting excellence in treasury management and supporting national development.