To Build World Class Professionals in the Management of the Treasury. Proven Individuals and Well Grounded Professionals as Keepers of Our Common Patrimony.
To Institutionalize Preventive Mechanism against Fraud,Outright Embezzlement,Misapplication/Misappropriation of Funds in the Management of Treasury.
About the Institute of Treasury Management
In the annals of history, proofs abound of great things that emanated from simple idea of certain individuals which in later years become a source of beneficial and heroic legacy to their future generation. A ready example is the case of Alexander Hamilton, the first Secretary of the Treasury in the United States of America. The story is told how he incubated the founding ideas that led to the establishment of the Federal Reserve Bank – the present day apex bank and monetary authority of that country.
American citizens rejoice today and are proud of the spirited effort of their first Secretary of the Treasury in putting up his argument in writing before the deadline allowed by the President and which prevailed against all oppositions in securing the President George Washington’s assent to the Bill on February 25, 1791. Undeniable historical facts put it straight that Hamilton did not find the task easy but braced himself to the herculean task because he believes in the idea and the perceived future legacy America stands to inherit if he can accomplish the task before the deadline given by the President. In later years, his wife confessed that Hamilton toiled throughout the night of February 22, 1791 before the expiration of the deadline and by the early hours of the next day, the document containing his argument had been compiled ready for submission to President George Washington.
On a similar platform of foresightedness, and belief in an idea that foreshadows beneficial legacy to the present and future generation of Nigerians, a group of individuals found it relevant to initiate and seek legal and statutory backing to the establishment and operation of the Chartered Institute of Treasury Management, in Nigeria.
What is Treasury?
The word “treasure” is a common term that is conventionally associated with the stock of wealth or accumulation of chattels that has intrinsic value. This was the reason why the term treasury connotes the office or repository of resources that constitute the wealth base of ancient kingdoms, empires or nation states. In the modern usage however, treasury is the repository of the entire resources of an entity be it individual, corporate body, public institution or community most especially those that can be easily converted to cash. Cash (in money form) confers purchasing power and immediate access to what it can be used to acquire. Treasury is concerned with the management of wealth through a shrewd and innovative management of cash flow, liquidity management, risk and asset management amongst other sensitive element of wealth.
All over the world irrespective of the community, culture and traditions, wealth as socio-economic concept determines the state of well-being of the subject matter, be it individuals, corporate entities and nations. In our daily strives, agitations, engagements and involvements. the bottom line or end goal is to achieve a level of satisfactory livelihood of which accumulation of reservoir of resources constitutes the largest proportion and the most time consuming of our daily activities. Wealth in its concise and broad meaning transcends riches. While the later is confined the former is open ended and all embracing. It is possible to be rich in one thing or aspect of life and yet be poor in many at the same time. An individual can be rich in knowledge but poor in idea – the proper way to channel his knowledge for productive use. He may be rich in material possession but poor in transforming these resources to income generating ventures. For some reasons beyond generally acceptable logical reasoning, a person may have access to quite a substantial amount of money, may be through a windfall of honest means, but may watch helplessly as the funds deplete to nothing without being able to account for specific future preserving source that ensure the continuous flow of benefits for which such funds was used.
The prudent, innovative and transparent management of wealth are the core values of Chartered Institute of Treasury Management. the idea behind the founding of the Institute is to promote the study and practice of treasury properly the treasury as a safe guard against fraud, outright embezzlement, misappropriation and misapplication of scarce resources kept in the custody of fund managers.