Accountant General of the Federation warns treasury managers against corruption

Treasury managers have been advised by Mrs. Oluwatoyin Madein, the Accountant General of the Federation (AGF), to put robust internal control procedures in place to protect against financial mismanagement, fraud, and corruption.

Madein made this statement on Thursday during the Chartered Institute of Treasury Management (CITM) training program in Abuja.

The Director of Special Duty, Alhaji Muhammad Aliyu, represented the AGF, who stated that it was imperative to preserve public finances as well as the interests of the people and the government.

“We must remain watchful against the threats of corruption, fraud and financial mismanagement by implementing a strong internal control system and promoting a culture of compliance.”

This, according to her, is in a bid to achieve the virtues and behaviours necessary to curtail corruption in the polity.

She said: “training and professional development are essential in equipping the practitioners with the knowledge and skills necessary to conduct the activities of Treasury Management Ethically.”

“Let us seize this opportunity to expand our understanding of ethical principles and best practices, so as to strengthen our ability to serve the public well.”

She urged the participants to uphold the highest ethical standards in their work and actions as treasury professionals.

According to her, together, we shall strive to build a future where transparency, integrity and accountability will be the focus in management of public finances.

“As professionals, we must resist the temptation of personal interest or undue influence in our decision-making processes.

“We must always prioritise the public interest above all other interests, even in the face of unpleasant situations or pressure from the public.” she said.

She said ethical conduct in treasury management entailed an extremely large number of principles, which includes transparency, honesty, accountability, and fairness.

“We must adhere to these principles seriously, not only to maintain public trust but also to imbibe a culture of integrity and transparency within our organisations.”

She said that as custodian of public funds, treasury managers bear a tremendous responsibility to uphold the highest standards of ethics and integrity in our profession.

Also speaking, the Registrar, CITM, Mr Olumide Adedoyin, said to curtail financial crime, there must be deterrent, adding that enlightenment is also key.

“Once you create awareness, you must empower professional associations particularly associations like CITM, ANAN, ICAN, because where we are going is an evolving journey.

“And along the line, there are gaps that needed to be filled and that is why treasury management becomes important , if you don’t involve treasury management in your financial flow you are going to lose it”, he said.

He said that sound treasury management would help to safeguard the nation’s financial system by fortifying financial inflow and reducing corruption in the system.