News

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

Published

2 years ago

August 17, 2022

Editor

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

Why I Named University, College After My Mother – Oyinlola

Published

43 mins ago

May 17, 2024

Editor

Former Osun State Governor, Olagunsoye Oyinlola has disclosed that he named his University and college of health of science after his mother to preserve her legacy.

Speaking with journalists while unveiling Alolade Oyinlola College of Health Sciences and Information Technology, Okuku, Osun State, he said his father’s legacy has been adequately preserved, hence, the decision to make sure his mother’s does not vanish.

He added that his motive for establishing the institutions of learning was to ensure that youths in the state and the country get adequate education to rethink their future with a view to become innovative and drive the development of the country.

“My father never had formal education but he so believed in education that the only legacy and property he was going to leave for any child is education and the benefit of going through that is what is happening today.

“Many of you know my background that I am 43rd child out of 64 of my father, despite not being an educated person he insisted that all children are educated.

“Besides, my legacy and that of my father is adequately preserved and even documented and we cannot be forgotten in a hurry. But in 250 years rime, who will remember that woman that gave birth to Olagunsoye Oyinlola, hence the naming of this institutions after her.

“Also, The greatest deficiency in health care programme in Nigeria today is the health sector and you will see the incident of Japa is because people believe that there are greener pastures, so by way of advise is that Federal Government must pay serious attention to the rebuilding of health sector in Nigeria, pay the workers encouraging emoluments. I don’t encourage people to run out of the country”, he added.

In his remark, the chairman, implementation committee of the college, Professor Peter Okebukola, who is also a former Executive Secretary of the National Universities Commission, NUC, described the employment of top level human resources as the comparative advantage of the institution.

He emphasized the need by the employers of labour to prioritise the relevance of productivity of its personnel rather than the certificates they acquire, saying ability to deliver effectively on job mandates was critical to the socioeconomic growth of the nation.

According to Okebukola, the college runs Diploma programmes in Environmental Health Technology, Health Information Technology, Medical Laboratory Technician, Community Health Extension Workers and the courses were all accredited by the relevant professional bodies.

News

BREAKING: Court Convicts Cosmetic Surgeon Over Client’s Death

Published

2 hours ago

May 17, 2024

Editor

The Federal High Court sitting in Lagos State has convicted a medical doctor and founder of MedContour Services Ltd., Dr. Anuoluwapo Adepoju, who conducted a failed plastic surgery that resulted in the death of one Nneka Onwuzuligbo in 2020, FIJ reports.

This was disclosed by a former Director-General of the Federal Competition and Consumer Protection Commission, Babatunde Irukera on Friday.

In his tweet, Irukera, tweeting as #TundeIrukera, wrote, “Today is a day of pride for me that I personally prosecuted Anu Adepoju and her medical practice. Though I’ve left, the case has ended in a conviction strengthening the accountability framework for all in society, professionals or otherwise. This is how society should work and grow.

“Dr. Anu Adepoju and her medical practice convicted in all 5 counts charged by FCCPC. The wheel of justice may grind slowly, but we must see it through. What we need are enforced with audacity and the will to prosecute competently and diligently. Good day for consumers of professional services.”

FCCPC vows to clamp down on loan apps harassing customers
In 2020, PUNCH Online reported that the FCCPC arraigned Adepoju on five counts pressed against her before Justice Mohammed Liman,.

The FCCPC accused the cosmetic surgeon of shunning summons by the agency to appear and produce a certain document

Details later…

News

JUST IN: Pius Olanrewaju Sworn In As 23rd CIBN President

Published

3 hours ago

May 17, 2024

Editor

Professor Pius Olanrewaju has been sworn in as the 23rd President/Chairman of the Council, Chartered Institute of Bankers of Nigeria.

Olanrewaju was sworn in by Justice Owolabi Dabiri at an event held in Lagos on Friday which was chaired by Senior Advocate of Nigeria, Wole Olanipekun.

After the swearing-in, he was decorated with the insignia of office.

In his goodwill message, the Speaker of the House of Representatives, Tajudeen Abbas, who was represented by the chairman, of the House Committee on Banking, Nwachukwu Eze, hailed the immediate past CIBN president, Ken Opara and called on the new leadership of the organisation to embrace technology to boost financial inclusion.

Abbas said, “Today, as you welcome the incoming President and new Chairman of the Council, we also reflect on the challenges and opportunities that lie ahead. The banking sector is constantly evolving, driven by technological advancements, regulatory changes, and shifts in customer behaviour.

“In the face of these types of changes, the CIBN must remain steadfast in its commitment to excellence and innovation. The incoming leadership must embrace new ideas and emerging technologies and foster collaboration within the industry to navigate these challenges and seize the opportunities that lie ahead.

“As we look to the future, we must not lose sight of the importance of financial inclusion and sustainable development. Despite progress has been made in expanding access to financial services. Millions of Nigerians remain on the side or excluded from the formal banking sector. It is incumbent upon all stakeholders including the CIBN to redouble your efforts to promote financial literacy, expand access to finance, and foster inclusive growth, that leaves no one behind.”

Meanwhile, the Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Bello Hassan, called on banking sector players to pay attention to cybersecurity, saying, “In this regard, a deliberate and collaborative approach to cyber risk involving all stakeholders is essential to protect the resilience of the banking system.”

Other elected officeholders include First Vice President, Dele Alake, Second Vice President, Mojisola Bakare-Asieru, and National Treasurer, Peter Ashade.

Olanrewaju was elected on April 6, 2024.5