Business
NSSAN, ISAN Move To Sign Accord
In a bid to guarantee the membership of audit committees in quoted companies, two leading shareholders group in the country, the Nigerian Shareholders Solidarity Association of Nigeria (NSSAN) and the Independent Shareholders Association of Nigeria (ISAN) are now making moves to sign an accord.
The accord, according to a source within one of the groups, would give the two groups upper hands over their contemporaries and give their candidates a smooth sail when elections are being conducted into the committees at annual general meetings. Each of the quoted companies is required to accommodate three shareholders as members of the internal audit committee, who are elected at AGMs. The positions are keenly contested by the plethora of shareholders groups, as each presents its candidates resulting in political maneouvers among the contending groups.
The source disclosed that the two groups have appointed representatives to meet and consider the terms of the accord before it is signed.” What we intend to do is to give our members leverage in securing audit committees membership. Part of the terms of the accord is that in companies where NSSAN is having the three members, they will drop one for ISAN and vice versa,” he said.
Although, the planned accord is causing rancor within the chief Timothy Adesiyan-led group (NSSAN) as some members of the group are said to be expressing fears that entering into such agreement may lead to subjugation by the Sunny Nwosu-led ISAN. A source within the group disclosed that while the opposition of the accord premised their argument on the fact the other group is more vocal and well known and entering into such accord would submerge theirs, those who are keen about the accord said such would not happen as they would have to put in place terms and conditions before the accord is signed.
The source added that there have been allegations that some had been having a kind of accord with the opposition group, whenever they are contesting for a past, noting that that was why other members are hell-bent on having a formal and open accord that would encompass all members. “We should watch the way we are going with this accord. Some members of the groups were also said to be clamouring for an extension of the accord to other shareholders groups, rather than with ISAN alone but this did not go well with other members who saw ISAN as the only threatening opposition.”
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.