The Chartered Institute of Treasury Management (CITM) has pushed back against remarks made by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Nma Yahaya, regarding the proliferation of professional bodies in Nigeria.
In a statement, CITM described the comments as divisive and undermining the authority of the Nigerian Parliament, emphasizing its own establishment through the Chartered Institute of Treasury Management Act, 2021.
CITM acknowledged ICAN’s 60 years of existence and contributions to the accounting profession but rejected any suggestion that portrays other professional bodies as inferior. The institute’s Registrar and Chief Executive, Adedoyin Olumide, stressed that CITM’s specialization in treasury management – covering areas like liquidity management, financial risk management, and corporate finance – is aimed at strengthening Nigeria’s financial architecture.
According to Olumide, the concept of ‘proliferation’ of professional bodies undermines the sovereignty of the law, and specialization enhances expertise and drives economic efficiency in line with global trends.
He highlighted that ICAN and CITM have distinct but complementary mandates, and developed economies benefit from synergy between professional bodies – a model Nigeria should emulate.
CITM urged ICAN’s leadership to foster inclusivity, recognizing the value of all professional organizations in advancing Nigeria’s financial sector. “Instead of divisive rhetoric, we should explore partnership avenues. CITM remains open to synergistic relationships that serve Nigeria’s greater good,” Olumide said, reaffirming the institute’s commitment to elevating treasury management standards and contributing to economic growth.