AGF calls for strong internal controls to curb financial mismanagement

News Agency Of Nigeria

April 25, 2024 2:28 PM

The AGF urged the managers to uphold the highest ethical standards in their work and actions as treasury professionals.

Oluwatoyin Madein, the Accountant General of the Federation [Premium Times Nigeria]

Oluwatoyin Madein, the Accountant General of the Federation (AGF) has advised treasury managers to guard against corruption, fraud and financial mismanagement by implementing strong internal control mechanisms.

Madein said this at the training programme organised by the Chartered Institute of Treasury Management (CITM) in Abuja on Thursday.

The AGF, who was represented by Alhaji Muhammed Aliyu, Director of Special Duty, said that there was a need to safeguard public funds and protect the interest of the government and the public.

“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 the 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 stated.

She said ethical conduct in treasury management entailed an extremely large number of principles, which included 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 custodians 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, Olumide Adedoyin, said to curtail financial crime, there must be a deterrent, adding that enlightenment is also key.

“Once you create awareness, you must empower professional associations, particularly associations like CITM, ANAN, and 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 added.

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.

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