www.finabiz.com/cis-ican-nba-sign-5-year-economic-development-agreement/

The Presidents of three major professional bodies, the Chartered Institute of Stockbrokers (CIS), the Institute of Chartered Accountants of Nigeria (ICAN) and Nigerian Bar Association (NBA) have signed a five-year collaboration agreement for overall development of Nigeria’s socio-economic life.
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 tripartite agreement called the project 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.”
Also, each party is obliged to ensure prompt execution of any assignment that would bring about overall development of Nigeria’s economy, for instance, 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.
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, Nigerian Bar Association, 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. ChidiAjaegbu for ensuring that the agreement became a reality.
The President, CIS, MrOkumagba expressed joy that the collaboration 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 ChidiAjaegbu 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

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