NBA, ICAN and CIS have signed 5-year economic development treaty.
LAGOS, Federal Republic of Nigeria. February 19, 2015 (Tribune) — History was made in the early hours of Tuesday when the presidents of three major professional bodies, the Chartered Institute of Stockbrokers (CIS), the Institute of Chartered Accountants of Nigeria (ICAN) and the Nigerian Bar Association (NBA) signed a five-year collaboration agreement for overall development of Nigeria’s’ socio-economic life, according to a statement issued by the CIS.
“As a prelude to this unique tripartite agreement tagged ‘the project,’ the helmsmen of these professional bodies and their top management staff had held several meetings on the terms and conditions of this innovative approach to socio-economic development of the country,” the statement disclosed.
The tripartite agreement called the project, the statement disclosed, covered all areas of mutual interest for enhanced development of the Nigerian Capital Market, the Financial System, the Legal System and the entire Socio-Economic Life of all Nigerians.
Under the renewable five- year agreement, each party shall co-operate in the promotion and exploitation of the project and all associated areas of total development.
“The collaborative project is considered a joint project under the relevant laws, and will result in an equal split of ownership among the parties,” it noted.
Also, each party is obliged to ensure prompt execution of any assignment that would bring about overall development of Nigeria’s economy.
“Each party has agreed to contribute to the efficient flow of information and access to relevant data, according to the agreed access rights without prejudice to confidentiality rules,” it illustrated.
In order to sustain the culture of transparency, each party shall inform others in the project, of relevant communications it receives from third parties in relation to the project.
Commenting on the collaboration agreement, the President of NBA, Mr. Augustine Alegeh described it as unique and highly history-making.
Alegeh said the uniqueness is better appreciated against the background of three professional bodies coming together to create synergy to serve Nigerians better and yield bountiful results rather than exploit the oneness to fester the nets of each association.
He commended the Presidents of CIS, Mr Albert Okumagba and that of ICAN, Mr Chidi Ajaegbu for ensuring that the agreement became a reality.
The President, CIS, Mr Okumagba expressed joy that the agreement would bring about rapid development of the Nigerian economy given the strategic importance of each party to the overall economic growth and development.
“Each party should draw inspiration from its structure and expertise to contribute effectively to the collective aspiration of the three bodies,” Okumagba said.
On his own part, the President, ICAN, Mr Chidi Ajaegbu who is also a chartered stockbroker described the new agreement as a milestone in the annals of the Nigerian financial system. Ajaegbu noted that each party has a lot to offer to the common pool.
Both Ajaegbu and Okumagba were unanimous in their call on the federal government to expedite action on the passage of Petroleum Industry Bill (PIB) which they described as a necessary step towards sanitizing the petroleum industry.
Ajaegbu also commended Okumagba for his selfless efforts in ensuring a timely take-off of the collaboration.
In terms of the action plan, Okumagba and Ajaegbu explained the imperatives of setting up a small committee to commence execution of the project that would enable the three bodies deploy their individual synergy for the overall benefits of the group.
Meanwhile, the signing ceremony was witnessed by some top officials of the three bodies including the first Vice President, CIS, Mr Oluwaseyi Abe, the institute’s Registrar and Chief Executive, Mr Adedeji Ajadi, Executive Director, NBA, Mrs Eire Ifueko Alufohai and ICAN’s Assistant Director, Legal, Mrs Ifeoma Okwuosa.
