The Chartered Institute of Treasury Management (CITM) has responded to recent comments made by the President of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Nma Yahaya, on the proliferation of professional bodies, describing the remarks as divisive and undermining the authority of the Nigerian Parliament.

In a press statement issued by its Registrar and Chief Executive, Adedoyin Olumide, CITM acknowledged ICAN’s 60th anniversary and its contributions to the accounting profession but rejected any narrative that portrays other professional bodies as inferior.

Olumide emphasised that CITM was established by the Chartered Institute of Treasury Management Act, 2021, to strengthen Nigeria’s financial architecture through a specialised focus on treasury management, including liquidity management, financial risk management, and corporate finance.

“The issue of ‘proliferation’ undermines the sovereignty of the law. Our specialisation enhances expertise and drives economic efficiency, aligning with global trends,” the statement read.

The CITM chief stressed that the mandates of ICAN and CITM are distinct but complementary, adding that developed economies thrive on synergy between professional bodies, which Nigeria must emulate.

He urged ICAN’s leadership to adopt a spirit of inclusivity, recognising the value of all professional organisations in improving Nigeria’s financial sector.

“Instead of divisive rhetoric, we should explore partnership avenues. CITM remains open to synergistic relationships that serve Nigeria’s greater good,” Olumide said, reaffirming the institute’s commitment to raising treasury management standards and supporting economic growth.