The Chartered Institute of
Stockbrokers (CIS), Institute of Chartered Accountants of Nigeria (ICAN) and Nigerian Bar Association (NBA) have signed a five-year collaboration agreement for the development of Nigerians’ socio-economic life.
A joint statement by the three professional organisations said on Thursday the tripartite agreement, tagged “The Project’’, was the fruit of their commitment toward socio-economic development of the nation.
Sources  quote the agreement as saying that their collaboration would cover all areas of mutual interest for enhanced development of the Nigerian capital market.
It will also cover the financial system, the legal system and the entire socio-economic life of Nigerians.
Under the renewable five-year agreement, each party shall cooperate 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 said.
It also said that each party was obliged to ensure prompt execution of any assignment that would bring the overall development of the nation’s economy.
The agreement said that each party had 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.
To sustain the culture of transparency, it said that each party should inform others of relevant communications it received from third parties in relation to the project.
It said the President of NBA, Mr Augustine Alegeh, had described the agreement as unique and history-making.
It quoted Alegeh as saying that the uniqueness was better appreciated against the background of their coming together to create synergy to serve Nigerians better and yield bountiful results.
The statement commended the residents of CIS, Mr Albert Okumagba and that of ICAN, Mr Chidi Ajaegbu for ensuring that the agreement became a reality.
Also, it said the president of CIS expressed joy that the collaboration 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 aspirations of the three bodies,’’ it quoted Okumagba as saying.
It also quoted the president of ICAN, a chartered stockbroker as describing the new agreement as a milestone in the annals of the Nigerian financial system.
Ajaegbu, it said, noted that each party had a lot to offer to the common pool.
The statement said that both Ajaegbu and Okumagba were unanimous in their call on the Federal Government to expedite action on the passing of the Petroleum Industry Bill (PIB).
On the action plan, it said Okumagba and Ajaegbu explained the imperatives of setting up a small committee to commence execution of the project that would enable the three bodies to deploy their individual synergy for the overall benefit of the group.