REJOINDER: OUR COLLECTIVE STRENGTH LIES IN COLLABORATION, NOT CONDESCENSION – A RESPONSE TO MALLAM HARUNA NMA YAHAYA ICAN PRESIDENT

The attention of the Council and Management of the Chartered Institute of Treasury Management (CITM) has been drawn to a publication in The Guardian Newspaper of August 29, 2025, captioned “At 60, ICAN moves against proliferation of Professional Bodies,” featuring comments by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Nma Yahaya.

While we join the entire nation in celebrating ICAN’s six decades of commendable service to the accounting profession and the Nigerian economy, we are compelled to take strong exception to the unfortunate and divisive narrative advanced by its President, which sought to portray other legally constituted professional bodies within the financial ecosystem as inferior and unnecessary.

The Chartered Institute of Treasury Management (CITM) wishes to state emphatically that such a narrative is not only regressive but also fundamentally misrepresents the dynamic and multi-disciplinary nature of modern financial management.

1. On the Issue of "Proliferation" and Legislative Sanctity: The term "proliferation", when used to describe professional institutes established by due process of the National Assembly and assented to by the President of the Federal Republic of Nigeria, is disrespectful to the Nigerian Parliament and the sovereignty of the law. The CITM was established by the Chartered Institute of Treasury Management Act, 2021, a valid and extant law of the land, following rigorous scrutiny and debate.

The Nigerian legislature, in its wisdom, recognized a critical gap in the nation's financial architecture: the specialized, strategic, and often underexplored field of Treasury Management. This is not a case of unnecessary duplication but of necessary specialization, a global trend that enhances expertise and drives economic efficiency. To imply superiority of one Act of Parliament over another is to misunderstand the very foundation of our legal system.

2. On Distinct Mandates and Complementary Roles: ICAN’s mandate in accounting and auditing is noble and well-established. However, the financial ecosystem is vast and requires varied expertise. Treasury Management is a distinct and critical discipline focused on:

· Liquidity Management: Optimizing cash flow and working capital.

· Corporate & Public Sector Financial Strategy: Funding, investments, and risk management.

· Financial Risk Management: Identifying and mitigating financial risks (foreign exchange, interest rate, counterparty risk).

· Working Capital Optimization: Managing receivables, payables, and inventory.

· Corporate Finance & Capital Structure: Advising on sourcing and managing capital.

While accountants record and audit historical financial transactions, Treasury Professionals are strategically focused on managing and safeguarding an organization's financial assets today and planning for its financial future. Our roles are complementary, not competitive. One profession focuses on the story of past financial performance (Accounting), while the other is focused on shaping the future financial health and strategy (Treasury Management).

3. The Global Context: The attempt to create a monolithic professional hierarchy is out of step with global best practices. Developed economies thrive on the synergy between specialized professional bodies—from certified public accountants and treasurers (e.g., ACT in the UK, CTP in the USA) to tax experts, financial analysts, and auditors. Each adds a unique layer of depth to the economy. Nigeria’s aspiration for economic growth requires this same depth of specialized knowledge, not a narrowing of the professional field.

4. A Call for Collaboration, Not Condemnation: At a time when Nigeria faces significant economic challenges, the financial community needs unity and collaboration more than ever. Instead of engaging in rhetoric that seeks to diminish fellow professionals, we should be exploring avenues for partnership. Imagine the collective impact if ICAN, CITM, and other financial bodies collaborated on national issues like public financial management, debt strategy, and curbing financial leakages.

The CITM remains open to such synergistic relationships that will ultimately serve the greater good of the Nigerian economy. We believe the focus should be on how our combined strengths can solve national problems, not on misplaced territorial disputes.

Conclusion: The Chartered Institute of Treasury Management (CITM) is proud of the unique and vital mandate it carries. We are committed to elevating the standards of treasury practice in both the public and private sectors, fostering excellence, and contributing to the financial stability and growth of Nigeria.

We congratulate ICAN on its 60th anniversary and urge its leadership to embrace a spirit of inclusivity and partnership that acknowledges the value and legal sanctity of all professional bodies working diligently to strengthen Nigeria's financial fabric.

We stand firm, not in opposition to ICAN, but in affirmation of our own legislated mandate and the collective progress of the Nigerian financial professional community.

Signed:

Management of the Chartered Institute of Treasury Management (CITM)

Date: September 1, 2025