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We Need Measures To Check Loopholes In TSA Implementation – CITM Boss

Published

3 years ago

August 17, 2022

The Registrar, Chartered Institute of Treasury Management (CITM), Olumide Adedoyin, on Wednesday insisted that there are no proper safeguards in place to ensure the effective implementation of the Treasury Single Account (TSA).

Adedoyin, who addressed reporters in Abuja also called for continuous training and retraining of personnel handling the process as some saddled with the responsibility do not understand it effectively.

Also as a means of checking wastage in the system, he urged that laws governing procurement be further domesticated.

He said, “Like every government policy, the TSA as it is a function of just an account. It is not an app, it is not a policy, it is just an account. What the TSA tries to do is to make sure that the government has its resources in place and are able to know what they have at any given time.

“Now the first step the government was supposed to take was to do what we call cash pulling. Call up your resources from every bank into one single account. Once you do so, those bank accounts you have should not be closed down, rather you try to moderate them into receiving banks. They receive on your behalf but you cannot disburse from those banks, while at the end of the day you just have an online real time balance to make sure that what comes in is being accounted for.

“That was supposed to be the function. But what we discovered at the end of the day was that there are some little processes and challenges within that platform because the back end for the audit was not adequately secured. So if you did not secure the back end, despite being able to make resources and bring those resources, then there is a little bit of opening in the back that could lead to hemorrhaging of resources and so on.

“I think as it is, we have actually reached out to the government on different fora, trying to make them understand that the importance of putting these back ends in check is quite important. Secondly we want to believe too that there must be an orientation of the continuous training and retraining of individuals. You would be surprised that some that are saddled with these responsibilities do not actually understand the process effectively.

“The problem as it is is that there are no safeguards in place. We talked about preventive mechanisms. That as it is is lacking. We talked about allowing treasury management to impact your cash management processes. That too is lacking. So these are those fundamental areas that we are concerned about. So that once you are able to make sure, for example, if X amount is budgeted for a project, how do you approach that project? For example you want to build roads, bridges, culverts, now you cannot release the funds for the completion of that road all at once, because it has a process of design, a process of building the culverts, bridges, your overlays and every other thing.

“What you need to do first and foremost, is to be able to design those projects with timelines. Once you design with timelines, release the funds that are responsible. Once those funds are released make sure they are tied to individual aspects of those contracts. While we are doing that, whatever you have as excess, invest those monies in very short term investment processes that would assist the process, either even if it is just on commercial papers or government bonds for that period, so that invariably the value of the money would not be lost.

“Once you do this effectively, it would be difficult for anybody to come back and start looking for variation on those jobs. these things you can put in place as one. Number two, if you need to make things work, you need to be radical about it. radical in the sense that the laws governing procurement and other things have to be further domesticated. What do I mean? You make sure that equipment and items that are bought on yearly basis that are being wished away could have a much longer lifespan.

“For example, in the office you keep buying photocopiers on a yearly basis. Of course you discover that the copier can even last you five to 10 years, when properly maintained. so those monies on those recurrent things that can be used beyond the length of those life-shares could be ploughed back into the system. What happened to those monies? They get stolen and diverted.”

News

Immigration Officer Gets N5m For Arresting Fleeing Ritualist

Published

10 hours ago

June 10, 2025

Editor

An immigration officer, Ugochukwu Orji, who arrested a fleeing Enugu State-based native doctor accused of killing and kidnapping people for rituals, has been rewarded with N5 million for his efforts by an industrialist, Ebuka Onunkwo.

Onunkwo, who is also a senatorial aspirant for the Anambra South senatorial by-election on the platform of the All Progressives Grand Alliance, hosted the immigration officer at his residence in Ihembosi, Ekwusigo Local Government Area of Anambra State, according to a press statement released by his media team on Tuesday.

Orji was at his duty post along the Seme Border area last month when the fleeing native doctor, popularly known as “Ichie Billion” attempted to use a motorcycle to cross over to the Benin Republic from Nigeria at Seme Border, but having seen his face on the internet, he quickly intercepted him.

Recall that “Ichie Billion”, who hails from Umuojor village in the Isiagu Community of Enugu State, had been on the run after being declared wanted by the Nigerian Police Force in connection with the kidnapping of a 13-year-old girl and alleged multiple ritual killings.

The native doctor was thereafter intercepted by the Nigerian Immigration Service and subsequently handed over to the Lagos State Police Command following his arrest at the border by the immigration officers.

Onunkwo, an industrialist, while presenting a cheque of ₦5 million to the immigration officer at his residence, said the gesture was part of his company’s Corporate Social Responsibility and encouragement for moral renaissance in the society.

News

Tariff Hikes Won’t Solve Nigeria’s Power Crisis, Expert Tells Tinubu

Published

10 hours ago

June 10, 2025

Editor

Attempts by the current administration to rely on increased electricity tariffs to resolve Nigeria’s chronic power supply issues are unlikely to succeed, according to energy expert Nick Agu.

Speaking during an interview on Arise TV on Tuesday, Agu argued for a fundamental restructuring of the power sector, prioritising infrastructure over tariff hikes.

Responding to the Minister of Power, Adebayo Adelabu’s optimism and recent celebration of Nigeria reaching a new peak generation of over 5,000 megawatts, Agu acknowledged the incremental increase as “a good thing, is good news.”

However, he quickly added, “But should we celebrate? The answer is probably not.”

Agu underscored Nigeria’s severe “energy poverty” by drawing comparisons with other nations.

He noted that while Nigeria, with over 200 million people, struggles with around 5,000 megawatts, South Africa (65 million people) boasts 55,000 megawatts, Brazil (200 million people) supplies 150,000 megawatts, and even Qatar (3 million people) provides 8,000 megawatts.

“So, you can see that three million people are enjoying more electricity than Nigeria, which has 200 million people,” he highlighted.

Agu underscored Nigeria’s severe “energy poverty” by drawing comparisons with other nations.

“So, you can see that three million people are enjoying more electricity than Nigeria, which has 200 million people,” he highlighted.

News

From 158 To 351: Lagos Teen Excels In UTME After Initial Glitch

Published

11 hours ago

June 10, 2025

Editor

A 16-year-old student, Oyindamola Apampa, has achieved a remarkable aggregate score of 351 in the 2025 Unified Tertiary Matriculation Examination, with 65 in English Language, 98 in Mathematics, 98 in Physics, and 90 in Chemistry.

Apampa, a student of Lagoon Secondary School in Lagos, described the feat as the result of determination, strategic preparation, and divine favour.

A statement on Tuesday revealed that it was her second attempt at the UTME, explaining that her initial score of 158 was later invalidated due to technical issues experienced at her exam centre.

She said, “In my first UTME attempt, I scored 158. However, the results were widely criticised and later acknowledged by the authorities as inaccurate due to technical glitches affecting several examination centres, including mine.

“Consequently, the examination body authorised a resit to address these irregularities. In the resit, I achieved a score of 351.”

She added that her parents played a crucial role in supporting her academic journey by fostering a learning-friendly environment at home.

“My parents made our home a positive place for studying. We have a full library in the family living room, in addition to a separate multimedia study room where the whole family often gets together to talk about different topics and help each other learn,” she shared.

Apampa also credited a learning centre in Lekki, Lagos, for providing her with additional academic support through UTME preparation classes and frequent mock examinations.

“The frequent mock exams at our learning centre were a great help in my preparation for UTME,” she said.

In his reaction to the learning centre head, Osayi Izedonmwen, stellar 98 per cent pass rate in the 2025 UTME, attributed the achievement to its hybrid learning approach.

“At Teesas, we are fully IT-equipped to seamlessly support both online and physical learning within a convenient and friendly environment. This has played a key role in helping our students excel,” Izedonmwen stated.

Apampa is no stranger to academic excellence. She was placed on her school’s Honours list after securing 10 As and one B in her Junior WAEC.

She has also represented her school in international competitions, such as the Conrad Challenge, where her team reached the final stage and earned a special mention.