In Nigeria’s unpredictable economic terrain, where currency devaluation, high interest rates, and access to credit are constant concerns, treasury management has moved from being a back-office function to a front-line strategic imperative. At the heart of this shift are professionals like Adekunle Adedeji, who bring both technical depth and big-picture clarity to questions of liquidity, balance sheet health, and financial risk.

In this interview, Adedeji shares lessons from his years in Nigeria’s banking sector and how finance leaders today can protect operational resilience in an environment that leaves little room for error.

Let’s start with the basics. Why has treasury management become such a hot topic in Nigerian finance circles today?

Treasury has always been critical, but what has changed is the intensity of the pressure. We are operating in a context where exchange rates shift drastically within weeks, inflation is persistent, and businesses (from banks to manufacturers) face capital constraints. In this kind of environment, managing liquidity isn’t just about keeping the lights on. It’s about positioning the business for long-term survival.

Treasury leaders today are expected to do much more than manage cash flow. We are involved in balance sheet optimization, debt structuring, capital strategy, and even scenario planning. The risks are higher, but so is the need for precision.

You worked in treasury functions at both GTBank and Access Bank. What did that experience teach you about liquidity discipline?

It taught me that discipline is everything. At GTBank, internal controls were tight, and cash forecasting had to be near flawless. You learned quickly how to match inflows with liabilities and how to prepare for unexpected liquidity shocks. There was no margin for casual assumptions.

At Access Bank, where I handled aspects of balance sheet oversight, it became clear that liquidity decisions had real ripple effects. Whether it was optimizing capital deployment or managing wholesale funding, treasury operations could influence profitability and risk exposure in real time. You had to understand not just the numbers but the narrative behind them. That mindset, strategic, alert, and data-driven, has stayed with me.

What are some of the biggest liquidity risks Nigerian companies face right now?

The first is currency risk. With the naira facing continued devaluation pressure, businesses that import or service FX-denominated loans are vulnerable. Treasury teams must actively hedge exposure or renegotiate terms, especially if earnings are in local currency.

Second is interest rate risk. The Monetary Policy Rate has been adjusted several times recently, and borrowing costs are high. Many businesses don’t have access to affordable credit, so they rely on internal working capital. That puts pressure on treasury to manage receivables, control payables, and unlock cash wherever possible.

The third is liquidity concentration. Some companies rely too heavily on a small number of customers or products for cash flow. When those slow down, everything else suffers. Treasury must anticipate these stress points and work with the business to diversify inflows.

How does a well-run treasury function contribute to overall business resilience?

A strong treasury unit acts as an early-warning system. It sees pressure points before they become crises. For example, if you’re tracking your days sales outstanding (DSO) and you notice it is increasing month-on-month, that could signal tightening liquidity down the line. Or if your cash burn rate is unsustainable, you can advise the executive team early enough to adjust cost or pursue funding.

Treasury also supports strategy execution. If a business wants to expand, enter a new market, or take on a capital project, treasury will help determine whether the resources are there and whether the timing is right.

And finally, treasury ensures stakeholder confidence. Lenders, investors, and even staff feel more secure when a company has strong liquidity buffers and transparent financial planning.

What are some tactical tools or habits Nigerian treasury teams should adopt right now?

First, daily cash position reports. You need to know where you stand, not weekly, not monthly, but every morning. That’s how you avoid surprises.

Second, rolling cash flow forecasts. These should project inflows and outflows 13 weeks ahead at minimum, and they must be updated weekly with real data.

Third, scenario analysis. With the current level of uncertainty, every treasury team should be modelling at least three scenarios: optimistic, base case, and stress. What happens if the naira hits a certain level? What if a key customer delays payment? You need answers to those questions before they happen.

Also, collaboration with other departments is essential. Treasury doesn’t operate in a silo. You need input from sales, procurement, operations, and finance to forecast accurately and make smart decisions.

How do government policies impact corporate treasury strategy in Nigeria?

Tremendously. Treasury teams don not operate in a vacuum. Policies from the Central Bank on interest rates, FX access, or bank reserve requirements all influence how we plan and execute.

For instance, if the Central Bank tightens FX liquidity, companies with offshore obligations must look for alternatives whether it’s pre-funding, forward contracts, or dual-currency pricing. Similarly, if tax regulations change, treasury may need to adjust cash allocations to ensure compliance and avoid penalties.

This is why policy awareness is a key part of treasury leadership. It’s not just about reacting. It’s about planning with a clear view of how macro changes affect your financial position.

What advice would you give CFOs and business leaders struggling with liquidity right now?

First, don’t ignore the signals. If your cash position is thinning or if you are relying on overdrafts more than usual, it’s time for a structural rethink.

Second, revisit your working capital cycle. Can you negotiate better payment terms with suppliers? Can you offer early payment discounts to customers? Sometimes liquidity is trapped in the system,  treasury’s job is to unlock it.

Third, prioritize scenario planning. Know your options under different assumptions and share those insights with your board or leadership team. A well-informed executive team makes better decisions.

And finally, invest in people and tools. Even a basic treasury dashboard can improve visibility. And a skilled treasury manager can be the difference between surviving a liquidity crunch and sinking under it.

Do you believe Nigerian institutions are doing enough to professionalize treasury roles?

We’re making progress, but there is room to grow. Treasury is still viewed in some companies as purely transactional, handle payments, manage the bank accounts, and that is it. But the role is far more strategic than that.

Organizations should treat treasury as a leadership pipeline. A good treasurer understands funding strategy, financial risk, capital allocation, and macroeconomics. Those are C-suite-level competencies. With the right investment in training, structure, and accountability, treasury can become one of the most valuable assets in any organization.

Final thoughts?

In times of uncertainty, liquidity is king. But more than that, it is a mirror. It reflects how well an organization is run, how it balances ambition with caution, growth with discipline. Treasury professionals have a crucial role to play, not just in keeping businesses solvent, but in shaping their long-term sustainability.

In Nigeria, where volatility is a constant, that role becomes even more important. My hope is that more institutions begin to view treasury not as a safety net, but as a driver of competitive advantage.