FITC boss commends TSA, says banks now in proper business

THE Managing Director and Chief Executive Officer of Financial Institutions Training Centre (FITC), Dr. Lucy Surhyel Newman, yesterday supported the new Treasury Single Account (TSA) policy of the Federal Government, saying banks can now start proper business of banking.

Since the new economic policy on warehousing of government revenues only in the Central Bank of Nigeria (CBN) took effect two days ago, commercial banks have been on edge over fears that the policy aimed at curbing corruption might negatively affect bank workers who may lose their jobs.

But the former banker and International Director of the International Society for Performance Improvement (ISPI) said although the policy may not favour some business outfit, it was however commendable.

Newman, who spoke on the topic: “The challenges Nigerian business organisations face in navigating the perilous socio-economic terrain – HR to the rescue” at the 2015 yearly lecture/luncheon of Lagos Mainland Personnel Practitioners’ Consultative Association (PPCA) in Lagos, said the initiative will revolutionize the banking sector and put them into proper banking business.

She said: “ I used to tell our colleagues who are complaining about the policy that TSA may be painful but it is commendable.”

“We can now start proper business of banking. Before now, we were trading,” she added.

Using Singapore’s example, Dr. Newman, who had also worked in OmegaBank, FSB and PriceWaterHouseCoopers stressed the need for proper public strategic leadership selection process, which will ensure that leaders are recruited on merits with discounting quality.

According to her, Nigeria is in precarious economic situation and therefore need a process that will guarantee adherence to proper laws and principles, which will serve as a check in all government activities.

Newman said there is need for human resources managers to focus on results or outcomes as well as to test the validity of what they want.