FirstBank tasks corporate treasurers on innovations

FirstBank of Nigeria Ltd. on Thursday urged corporate treasurers to make timely investment decisions in addition to adopting innovative initiatives and leveraging on banking financial instruments to grow the nation’s economy.

FirstBank’s Managing Director/CEO, Olusegun Alebiosu, advised in Lagos at the 2024 Treasury360 Conference and Exhibition sponsored by the bank.

The event was organised by the Association of Corporate Treasurers of Nigeria (ACTN) with FirstBank as the headline partner.

It was themed: ‘Policy Implications and Building Sustainable Treasury Strategies: Nigerian Perspectives on Tackling Inflation and Interest Rate Uncertainty’.

Alebiosu said the conference aligned with FirstBank’s strategic focus on corporate banking and financial expertise, amplifying its pioneering role in treasury and transaction banking in Nigeria.

Alebiosu, represented by Mr Ini Ebong, Deputy Managing Director, FirstBank, explained the evolving financial landscape and strategies for navigating inflation and interest rate volatility.

He noted that inflation-related struggles were taking place, globally.

The managing director explained that FirstBank had helped firms manage their risks and enabled them to hedge against higher interest rates, volatile exchange rates and other risks.

He said with current macroeconomic realities, corporate treasurers could optimise value for their organisations by revalidating pricing techniques to reduce costs.

Alebiosu also urged them to maintain tighter control over cash flow and liquidity within the financial ecosystem in addition to timely investments to boost liquidity in their firms and Nigeria.

“This must be balanced when taking every view or perspective given the steady pace of increase in the current crisis of goods and services.

“Therefore, the guiding mantra, ‘make it’, that is if any investment decision is required, it should be made as promptly as possible to preserve value,” he said.

According to him, thriving in challenging times will require the right tools in terms of cash management platforms and strategic partnerships.

“So having a strong bank partner like FirstBank is very important at a time like this and we work with our corporate clients and their treasurers to help them achieve these objectives,” he said.

Adeyinka Ogunnubi, President and Chairman of Council, ACTN, stressed the need for alignment of monetary and fiscal policies to get the nation’s economy out of the woods.

He called for collaboration to achieve resilient, sustainable, and prosperous future for corporate treasury in Nigeria.

On his part, Zeal Akaraiwe, a member of the Governing Council, ACTN, noted that the nation’s economy had become unpredictable within the last 15 years.

He urged corporate treasurers to always encourage their firms on proactive investment decisions, as delay could result in a loss of value.

Similarly, Dr Muda Yusuf, CEO, Centre For the Promotion of Private Enterprise (CPPE), highlighted the need for innovative solutions to be able to surmount current economic challenges in the country.

He added that feedbacks were also needed so that policymakers could understand the impact of policies for inclusiveness so that no one is left behind.

According to him, there were opportunities in the nation’s current economic challenges.

Other panelists at the event urged CBN to increase its collaboration and provide feedback channels for corporate treasurers.