Compliance: West African Treasurers’ Burden

92% of treasurers in West Africa say they will spend more time on compliance this year.

Regulatory and compliance issues are increasingly taking up the time of senior treasury and finance professionals in West Africa.

This was the key finding of the “Treasury Verdict” session taken by a live audience poll of senior treasury and finance professionals at EuroFinance’s conference on Treasury, Risk & Cash Management in West Africa, held in Lagos, Nigeria.

A vast majority (92%) of treasurers in the region say that they expect to spend more time on compliance in 2015 than they did in 2014. Despite this additional burden, treasurers were split on whether their department’s resources would be bigger in the coming year. Some 48% expected their treasury resources to be measurably bigger in 2015, but 52% said this would not be the case.

Katharine Morton, EuroFinance’s Editorial Director, says: “Regulation presents challenges for corporates all around the world, and this is clearly reflected in West Africa. Treasurers need to be clear on the cost of compliance for their organisation, particularly at this time when many are being asked to do more with less.”

Zeal Akaraiwe, CEO, Graeme Blaque Advisory, Nigeria, Ireti Ogbu, Managing Director, EMEA Payment & Receivables Head, Treasury & Trade Solutions, Citibank, Bola Lamidi, Financial Director, Guinness Nigeria Plc and Peter Green, Senior Euro Finance Tutor & Director,  Transaction Banking.com, UK, during the Euro Finance’s 5th Conference on Treasury, Risk & Cash Management in West Africa, Tuesday, July 23, 2015.

Zeal Akaraiwe, CEO, Graeme Blaque Advisory, Nigeria, Ireti Ogbu, Managing Director, EMEA Payment & Receivables Head, Treasury & Trade Solutions, Citibank, Bola Lamidi, Financial Director, Guinness Nigeria Plc and Peter Green, Senior Euro Finance Tutor & Director, Transaction Banking.com, UK, during the Euro Finance’s 5th Conference on Treasury, Risk & Cash Management in West Africa, Tuesday, July 23, 2015.

EuroFinance surveyed the audience at the conference on Treasury, Risk & Cash Management in West Africa, held in Lagos, Nigeria on 23 and 24 June 2015. Using an electronic voting system, respondents answered 10 key questions on the future of the global economy. An expert panel then discussed the results.

The survey is part of the Treasury Verdict series, sponsored by BNP Paribas, measuring the viewpoint of corporate treasurers on up-to-the-minute issues.

EuroFinance is the leading global provider of conferences, training and research on cash management, treasury and risk. Running more than 50 events worldwide, EuroFinance enables treasurers and CFOs to exchange innovative strategies, best practice and expert opinion.

EuroFinance has a unique insight into the trends and developments in cash management and treasury, and an unrivalled global viewpoint. EuroFinance is an Economist Group business.

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