BYE-LAW 2002 TO DATE

THE INSTITUTE OF CHARTERED ECONOMISTS OF NIGERIA BYE-LAW TO COMPLIMENT AND FORM PART OF THE AUTHORITY WITH THE GAZETTED ICEN CHARTERED BILL 2024 WHEN IT FINALLY BECOMES AN ACT OF PALIAMENT OF 2024. THIS SHALL STANDS AS ICEN BYE-LAW OF 2002

INTRODUCTION:
The Institute of Chartered Economists of Nigeria was founded in 1998 in Kaduna, Nigeria, and registered with CAC in 2002 as The Institute of Certified Economists of Nigeria. In the year 2004, our first Chartered bill was introduced at the National Assembly Abuja as Institute of Chartered Economists of Nigeria (SB 316 of 2006) via the Senate floor. The introduction of the Chartered Bill initiated a new status: The Institute of Chartered Economists of Nigeria. In the year 2012, the Chartered bill (HB 22 of 2012) was passed by the House of Representatives Abuja and transmitted to the upper chamber, the Senate, but could not be assented to by the then President due to the shortness of time that marked the end of that government.

In the year 2015, the Chartered bill was represented as a motion and passed again. In the year 2019, the Chartered Bill of the ICEN was re-introduced on the floor of the House of Representatives and scaled through a motion under HB 162 in 2019 for the third time. We are still pushing, hoping it will scale through one of these days.

To keep the Institute moving forward while awaiting the passage of the Chartered Bill on the floor of the National Assembly, Abuja, the National secretariat took a bold step in getting the Institute approved and registered with the Federal Government of Nigeria via registration No: NG/TM/0/2022/67881 as the Institute of Chartered Economists of Nigeria. By the virtues of this new approval and the registration, no other organization (s) dare bear a similar name or alternate the words or letters of ICEN to establish or form theirs without concrete permission from us. This is the best thing that could ever happen in the Institute after many years of her existence in Nigeria. By the virtues of this new registration, we are accorded more responsibility, such as providing education, training, entertainment, and sporting and cultural activities to humanity.

Bye-law section 1
Until the most recent past, it was absolutely difficult for economists to identify themselves with any professional body, because of the non-existence of an organized and independent professional body to regulate the conduct and activities of the profession. This problem of identification had forced a good numbers of our economists to become marketers, bankers, accountants, or administrators without genuine enthusiasm. The economics profession, which hitherto had an in-built honour and dignity, suddenly turned out to be at the mercy of other professional bodies for acceptance and recognition.

This unbearable trend had stirred up a general clarion call by all professional economists for the need to establish a body that would regulate the activities and general conduct of the noble profession.

The Institute of Chartered Economists of Nigeria was established by the companies and an Allied matter Act, 1990, with Federal Government of Nigeria Approval Number: NG/TM/0/2022/67881, and had the pioneering statutory rights to regulate the practice of Economics in Nigeria and still has these rights today.

Therefore, The Institute of Chartered Economists of Nigeria was established out of a burning desire to promote and encourage the study and development of the art and science of economics in public practice, industries, commerce, education, entertainment, sporting & cultural activities, providing training, etc., and to inculcate professionalism and specialization in the economics profession in Nigeria. Professor Christopher Ominyofe Balogun FBU, FBSQ, JP, is the Group Director General/Chief Executive Officer of the ICEN. In view of this development, the institute had been mandated by the Act establishing it to regulate the activities of all the different aspects of Economics such as:

i. Monetary economics
ii. Industrial economics
iii. Business economics
iv. Education and welfare economics
v. Economics of International relations
vi. Agricultural economics
vii. Petroleum economics
viii. Environmental Economics
ix. Welfare Economics
x. Rural Economics….etc, etc, etc….
Vision, Mission Statement of ICEN and Other matters
As a further step in the provision of professional courses leading to the development and upgrading of professionalism, the Institute has deemed it fit to introduce some professional courses in the ACCESS ADVANCED COLLEGE OF ECONOMICS, an incorporated private university economics college. This quest resulted in the establishment of the AACE in Kaduna by the Institute using its popular delivery method of professionalism.

Vision and aspiration of the institute of chartered economists of Nigeria
The goal of the founders of the ICEN was to provide facilities for the training and re-training of professional economists for the Nigerian economy. Given the Institute’s experience in past years and the enormous challenges facing economics profession in Nigeria today, the council and management of the Institute are desirous and determined to refocus, restructure and revitalize it, to more effectively fulfill its mandate.

The vision of the Institute and its aspiration for the future is to become an internationally acceptable centre for economics profession that will contribute effectively to the production of professional economists of high quality and respond adequately to the development of the economy.

Mission statement
The basic mandate of the Institute shall remain as detailed in the Institute’s objectives. However, the Institute will for the immediate future, be more clearly focused on the production, regular updating and upgrading of professional economists for basic level of the economy. The Institute will collaborate with relevant bodies of professional Institute to promote high level of professionalism among Nigerian economists.

OBJECTIVES
The objectives of the institute are:

i.To provide an organization, National and International in scope activity for all economists, treasurers, financial officers in both public and private sectors of Nigeria economy.
ii.To unite all Nigerians holding local and foreign qualifications who are being employed as economists in the public services of the Federal Republic of Nigeria and beyond.
iii.To ensure a professional status necessary to promote and encourage the study and development of the art and science of economic in public practices, industry, commerce and public sectors.
iv.To develop from time to time standards in economics and economic matters that will meet both Nigeria and International standards.
v.To hold examinations in economics and other subjects relevant to the profession and to issue certificates of merit on the results therefore and to make other awards as desirable.
vi.To ensure the highest professional standard by admitting to membership, persons who qualified through examinations and who have practical experience.
vii.To regulate the activities of the members and discipline any member for professional misconduct.
viii.To hold conferences, workshops, seminar and symposia for discussion on economic matter and duties, presentation of papers, literature, and to issue copies of abridgment of position paper, books, lectures, records and other memoranda.
ix.To instill a high standard of professional ability by means of regular publication of journals of the institute and to disseminate professional economics knowledge.
x.To practice as economists and to advise the government and the private sectors on economic matters.
xi.To help in regulating and establishing standard prices on essential commodities for the benefit of the public.
xii.The establishment and maintenance of register of Fellows, Associates, Technicians and Registered students.
xiii.To provide opportunities for contact between members of the institute or connected thereto professional organization for chartered economists and to protect their mutual interest.
xiv.To increase, disseminate and promote knowledge, education, training and exchange information and ideas in respect of all questions relating thereto.
xv.To make it mandatory for all students and graduates of economics to write the professional examination of the Institute in order to acquire higher professional status as chartered economists.

(2) The Institute shall have the general duty of-
(a)Determining the standard of knowledge and skill to be attained by persons seeking to become registered members of the Institute and raising those standards from time to time as circumstances may permit;

(b)Securing in accordance with the provisions of this Bye Law, the establishment and maintenance of a register of members, and the publication from time to time of the list of those persons;

(c)Ensuring that the study and practice of the art and science of economics are done professionally in Nigeria;

(d)Providing consultancy service on economic matters to the public as well as the private sector;

(e)Holding conferences, workshops seminar and symposia on contemporary economic issues; and

(f)Performing any other duties as the Board may deem fit from time to time.

(a)(1) There is hereby established for the Institute a Governing Council (in this bye-law referred to as “the Council”) which shall be charged with the responsibility for the administration and general management of the Institute.
(2) The Council shall consist of –
(a)The National President of the Institute, who shall be the Chairman;
(b)The National Vice President of the Institute, who shall be the Vice Chairman;
(c)Two persons from Institution of higher learning offering courses leading to relevant qualification such that the two representative does not come from the same institution;

(d)Two persons each from the six geopolitical zones;
(e)All members of the Board of Trustees;
(f)Ten persons from affiliated professional bodies in the Country in rotation;
(g)The immediate past President of the Institute;
(h)The Registrar of the Institute who shall also be the Executive Secretary to the Council.
(3) The provisions set out in the First Schedule to this bye-law shall have effect with respect to the qualifications and tenure of office of members of the Council and the other matters therein mentioned.
3. (1) The Institute President, First Vice-President and Second Vice President who shall –
(a)Be members of the Institute;
(b)Be elected at the Annual General Meeting of the Institute; and
(c)Hold office each for a term of two years and may be eligible for re-election for one further term and no more.

2)The President shall be the Chairman at meetings of the Council, however, in the event of death, incapacity or inability for any reason of the president, the First Vice President shall act in his stead for the unexpired period of the term office as the case may require, and the reference in this bye-law to the President shall be construed accordingly.

3)The President and the 1st Vice President shall respectively be Chairman and Vice-Chairman of the Council established by section 2 of this bye-law

4)If the President, First Vice-President or Second Vice-President ceases to be a member of the Institute, he shall ipso facto cease to hold any office designated under this section.

BOARD OF TRUSTEES
4. (1). There is hereby established for the Institute a Board of Trustees which shall-
(a)Exercise oversight on the Council; and
(b)From time to time advice the Council on general matters of administration.
(c)Approve the decisions dully arrived at by the Council, and the decision of the Board shall be final.
The Board of Trustees (BoT)
The institute Board of trustees is the original founder of the Institute, with the following composition:
a.The Director General/Chief Executive Officers as the Founder.
b.Deputy Director General of the Institute, as shall be nominated by the DG/CEO, founder.
c.Other board members as shall be nominated by the DG/CEO of the ICEN from time to time.

Duties of the Director General/Chief Executive Officer
The duties of the Director General/Chief Executive Officer, founder of the ICEN shall be as stated in this bye-law are as follows:
a.To approve upgrading to Fellow and certification of Chartered Economists;
b.To monitor examinations conducted by ICEN for registered students;
c.To constitute a research department in conjunction with other bodies on any matter relevant to economic development in the country;
d.To approve programmes at all levels of the professional examinations to improve by way of research, the quality and content of economics profession in Nigeria.
e.To evaluates from time to time the training and admission programmes offered by the Institution controlled by or associated with the institute, with a view to ascertaining the professional competence’ of those institutions;
f.To offer such assistance, either alone or in co-operation with other educational bodies, as may be requested by the institutions, controlled by or associated with the institute;
g.To foster and enhance international co-operation in education of economists;
h.To approve the yearly financial budget as may be presented to him from time to time;
i.To operate as the Chief Accountant of the Institute from time to time;
j.To approve the sitting allowances of the councils and the Board of Directors and others expenses incurred at the AGM of the Institute’s and others;
k.To be in charge and operations of the national headquarters of the INSTITUTE anywhere it is located;
l.To nominate a successor from among his children that shall take-over from him at old age as the Director General/Chief Executive Officer of the Institute, since the office of the DG/CEO shall be for life and it shall remain with the family as a recognition and respect to the founder of ICEN;
m.To ensure that every other Nigerians are duly represented in the Institute from the six-geo-politcal zones in Nigeria;
n.To perform such other functions as are necessary or expedient for the full exchange of any of the functions of the Institute.

(2) The Board which shall have members in the category of Fellow, shall comprise of –
(a)A Chairman, who shall be the Director-General of the Institute;
(b)A Vice Chairman;
(c)A Secretary; and
(d)Other Trustee Members.
(3) The Board shall hold its meeting, from time to time as may be scheduled by the Board and shall have powers to regulate its proceedings.

MEMBERSHIP
5. (1) Subject to the provisions of this bye-law, only persona of good character and integrity shall be admitted to membership of the Institute.
(2) Members admitted into the Institute shall possess adequate interest, knowledge and understanding of economics and such admitted persons may be registered as members in any of the following of the following categories –
(a)Student Member;
(b)Graduate Member;
(c)Associate Member;
(d)Fellow, and
(e)Corporate Membership/or Institutional Membership.
(3) A member of the Institute shall be entitled to receive, from the Council, a certificate in such forms as the Council may approve for that purpose and a Fellow or an Associate Member shall be entitled to use such letters after his name as may be authorized by the Council from time to time as follows –
(a)A member registered into the category of membership of Fellow shall use the initials “FCE”,
(b)A member registered into the category of membership of Associate shall be entitled to use the initials “ACE”,
(5) The provisions of Second Schedule to this bye-law shall have effect with respect to the categories of members listed in subsection (2) of this section.

Rationale for the professional membership
The need to truly professionalize economics makes it imperative for practicing economists to acquire deeper knowledge of the job which they are doing. University graduates who have not been professionally trained and who are either economists or preparing to take up economist appointment will need to be trained as professional economists in order to fit well into the job.

Categories of membership
The members of the Institute comprises of:
a. Those members who constitute the Institute at the commencement.
b. Persons who qualify for admission shall be admitted under procedures adopted by the Council and Board of Directors.

Fellow membership
This category of membership is reserved strictly for the founding members and few individuals who have proven ability as renowned professional economists in their various areas of endeavours or specialization. Also, at the recommendation and approval of the council, individuals who have offered services of a special nature to the Institute or who have made the Institute proud by way of their constructive and direct useful contribution to National Economic Policy Implementation thereby enhancing the country’s economic growth and development. Furthermore, an associate member of the Institute, having practiced (and with evidence of being in practice) can apply after ten (10) years of demonstration of practical ability to the council, for fellowship. Such application is subject to ratification and approval of the council must justify the laid down requirements for the award of a fellowship. Holders of the fellowship are entitled to use the abbreviations FCE (Fellow Chartered Economists) after their names.

Associate membership
The associate membership of the Institute is awarded to:
a.Candidates who have passed all sections of the professional examinations and have satisfied all other laid down requirements of the Institute for the award of an associate.
b.After due consideration based on responsibility, experience, education and training by the council, Directors in Ministries and public parastatals, Chief Executives in the private sectors who are professionally inclined to economic matters and related discipline may be awarded this category of membership
c.Professors of Economics and Ph.D holder of Economics. The award of this category of membership entitles the holders to use abbreviations ACE (Associate Chartered Economists) after their names. An ACE holder stands a chance of direct entry into any of our universities for an MBA programme

Student membership
Student membership of the institute is open to anybody who possess any of the following qualifications:
1. The West African School Certificate (WAEC) with five credits in one or two sittings, with credit in Economics, Mathematics and English Language.
2. The National Examination Council Certificate (NECO) as in (1) above.
3. National Business and technical Examination Board Certificate as in (1) above.
4. The Ordinary National Diploma of an accredited Nigerian or overseas polytechnic in any field.
5. The Higher National Diploma from any accredited polytechnic as in (4) above.
6. First or second degree certificate of any accredited Nigerian or oversea University.
7. National Certificate in Education (NCE)
8. Any other professional Certificate or diploma recognized by the council.

INSTITUTIONAL/ORGANISATIONAL MEMBERSHIP
After having considered these broad criteria, if an institution/Organization believes it is in the position to submit an application, the President, Director-General, Dean, Vice Dean or Director of the Faculty/Institution/Programme must submit an online inquiry. After the inquiry has been received, the Executive Head will share it with the ICEN’s Membership Committee and or the Council to peruse.

If the institution/organization appears to meet the eligibility requirements, the organization or institution will be invited to submit a full application, which shall include the following:

i.Letter of application from your organization/institution.
ii.Copies of official documents detailing the mandate, scope and governing structure of your organization/institution.
iii.Information on the activities undertaken by your institution/organization that indicates the competence of your institution in matters relating to anti-corruption, international trade, investment and, economic and or commercial services, etc, etc,…
iv.Information on the affiliation of your institution with other professional bodies/organizations, national or international governmental organizations, non-governmental organizations or institutions involved in economics, anti-corruption related programmes and or activities.
v.Fully completed application form with contact information of your institution/organization and of a designated contact point, Preferably the President/or Chairman/or Director-General/or Dean or Director for official communication with the secretariat.
vi.Registration and Institutional Membership fee.

On receipt of the above, the institution’s application will be reviewed by Council for fulfillment of the conditions. Successful applicant institutions/organisations, following agreement and approval by the board and the Council, will be issued official Institutional Membership Certificate and letter of accreditation as ICEN Accredited Institutional Member. Only accepted Institutional Members may be eligible to all the benefits of Membership.

ICEN Accredited Institutional Members
ICEN accredited Institutional Members are licenced to train practitioners and students to lead in a world where nations are increasingly linked in matters of economic development, environment, policy, business and commerce, and the development and sharing of human and natural resources. Enquiries will be accepted at any time throughout the year.

ICEN Integrity
Institutional Members of the ICEN are the primary sources of advanced training for Chartered Economists practitioners in their respective states or regions. These institutions prepare practitioners for the global workplace of the 21st Century by combining multidisciplinary, economic policy-oriented programmes, interregional studies with career development. As the awarding and regulatory body, ICEN approves the tutors and or trainers/lecturers and sits on the examination board. Institutional/Organizational Members must therefore protect their integrity and be confident of their reputations by producing diverse, well-trained, competent and sophisticated Chartered Economists practitioners, many of whom might be (if not already) holding senior leadership/executive positions in the public, private and not-for-profit sectors throughout Nigeria and the entire world.

Institutional Membership Benefits
ICEN opens the door to careers in public service, private enterprise and nonprofit organizations worldwide. Licenced or accredited Chartered Economists hold senior executive positions throughout the Nigeria and the entire world in the following:

i.governments;
ii.international governmental organizations;
iii.multinational corporations;
iv.international banking and financial institutions;
v.consulting firms;
vi.professional associations;
vii.educational institutions;
viii.policy research centers;
ix.cultural and educational exchange;
x.nongovernmental organizations.

ICEN Advanced Professional Programmes
ICEN and or its partners sponsor a variety of forums, conferences, dinner-debates and seminars on policies, global economic programmes, responsible management education, anti-corruption and environment issues to enhance the professional development of our members, scholars and other practitioners
.
Additional Institutional Membership Benefits:
i.Institutional Membership Certificate.
ii.Certificate of Accreditation.
iii.Reduced registration fee for events.
iv.Invitations to specialist briefings designed to meet members and nominees’ interest.
v.Opportunity for nomination to Membership of national or International Advisory Board.

6. (1) It shall be the duty of every registered member of the Institute to abide by the rules, regulations, code of conduct and any other policy established by the Institute for the purpose of sound practice; and every member of the Institute shall be bound to further to the best of his ability and judgment the objects, purposes and interest of the Institute.
(2) Every member of the Institute shall subject to the provision of this bye-law, comply with the code of conduct set out under the Third Schedule to this bye-law.
(3) Every member shall also order his conduct as to uphold the dignity and reputation of the Institute and shall observe the provision of this bye-law and other regulation as may be made pursuant to this bye-law.
7. The Council shall have power to –
(a)Obtained from any authority or persons, charters, and concessions necessary for the attainment of its purposes;
(b)Acquire from any person, government, body or organization, by way of gift, purchase, exchange or lease whether absolutely in trust, any property, real or personal, require or necessary to carry the objects of the Institute, with power, subject to any trust, to hold or dispose of any such property;
(c)Borrow money and grant loans with the approval of the Council without prejustice to any provision of this bye-law relating to the provisions of funds;
(d)Do and perform anything necessary in the opinion of the Council, to further the purpose and attain the objects of the Institute; and
(e)Acquire any such shares, stocks, debentures, bonds, noted, obligations or securities by original subscription, tender purchases, exchange or otherwise and subscribe for the same either conditionally or otherwise, and underwrite or guarantee the subscription thereof and exercise and enforce all rights and powers conferred and incidental to the ownership thereof. The Board must give approval before any of the above a-e can be implemented by the Council.
8. (1) The Council shall establish and maintain a fund into which shall be paid all monies received by the Council.
(2) The revenue of the Institute shall be –
(a)All fees and other monies payable to the Council in pursuance of this bye-law; and
(b)All revenue from other sources both locally and intentionally.
(3) There shall be paid out of the fund of the Institute –
(a)All expenditure incurred by the Council in the discharge of its functions under this bye-law;
(b)Remunerations and allowance of the Registrar and other staff of the Institute; and
(c)Such reasonable traveling subsistence allowances of members of the Council, committee members and other co-opted persons in respect of the time spent on duties of the Council as applicable to similar Institutes.
(4) The Council may invest moneys of the fund in any security created or issues by or on behalf of the Federal Government or in any other security in Nigeria.
9. (1) The Council shall keep proper accounts and records on behalf of the Institute in respect of each year; and the Council shall cause the accounts to be audited by an auditor appointed from the list of auditors and in accordance with the guidelines supplied by the Auditor General of the Federation.
(2) The Auditor appointed for the purpose of subsection (1) of this section shall not be a member of the Council.
10. (1) It shall be the duty of the Board to appoint –
(a)A fit and proper person who shall be a member of the Institute to be registrar for the purposes of this bye-law; and
(b)Such other persons as the Institute may, from time to time, deem necessary to work and perform functions as specified by the Board.
(2) It shall be the duty of the Registrar to prepare and maintain in accordance with rules made by the Board or Council, a registrar of names, addresses and approved qualifications and such other particulars, as may be specifies in the rules of all persons who are entitled in accordance with the provisions of this Bye-law to be registered as members of the Institute.
(3) The register shall consist of parts established according to professional disciplines approved by the Board. Board shall review parts of the disciplines as need arises.
(4) The Board may make regulations with respect to the form and keeping of the register and the making of entries therein and in particular –
(a)Regulating the making of applications for or registration, and providing for the evidence to be produced in support of applications;
(b)Providing for the notification to the Registrar, by the person to whom any registered particulars relate, of any change in those particulars;
(c)Authorizing a registered person to have any qualification which is in relation to economics, either an approved qualification so registered;
(d)Specifying the fees, including any registration fees, to be paid to the Institute in respect of the entry of names on the register and authorizing the registrar to refuse to enter a name on the register until any fee specified for the entry has been paid.
(5) Any rules made for the purposes of paragraph (d) of subsection (4) of this section shall not come into force until they are approved by the Annual General Meeting (AGM) by the Board.
11. The Registrar shall perform the following duties –
(a)Correct, in accordance with the direction of the Council, any entry in the register, which the Council, directs him to correct as being in the opinion of the Council an entry, which was incorrectly made;
(b)Make from time to time, any necessary alterations to the registered particulars of registered persons;
(c)Record the names of members of the Institute who are in debt for more than six months in the payment of annual or practicing fee and to take such action in relation thereto (including removal of the name of defaulter from the register) as the Council may be direct or require;
(d)Cause the register to be printed, published and put on sale to members of the public not later than two years from the commencement of this bye-law;
(e)In each year after that in which a register is first published under paragraph (d) of this subsection, to cause to be printed, published and put on sale as aforesaid, either a corrected edition of the register or list of alterations made to the register since it was last printed; and
(f)Cause a print of each edition of the register and of each list of corrections to be deposited at the headquarters of the Institute, and it shall be the duty of the Board to keep the register and list so deposited, available at all reasonable times for inspection by members of the public.
12. A person shall be deemed to practice as a chartered economists if, in consideration of remuneration received or to be received and whether by himself or in partnership with any other person –
(a)He engages himself in work in the areas of economics or holds himself out to the public as an economist; or
(b)He renders professional service or assistance in or about matters of principle or detail relating to economics; or
(c)He renders any other service which may be regulation made by the Council be designated as service constituting practice as a chartered economists;
(d)Pass all professional exams set by the Institute except as otherwise exempted by the Board.
13. (1) The Board may make rules for –
(a)Prescribing the amount and date of the annual practicing fees;
(b)Prescribing the form of license to practice to be issued;
(c)Restricting the right to practice as member in default continues for longer than such period as may be prescribed by the Board;
(d)Restricting the right to a practice as a member if the qualification granted outside Nigeria does not entitled the holder to practice as a chartered economists; and
(e)Prescribing the period of practical training and experiences in the office of a member in practice, to be completed before a person qualifies for registration or a license to practice as chartered economists.
(2) Rules when made shall, if the Chairman of the Board so direct be published in two widely circulated national dailies and in the Institute’s Journal.
14. Any regulation made under this Bye-law, shall be published in two widely circulated national dailies and in the Institute’s Journal as soon as or after they made; and the Board shall lay a copy of any such regulations before the Annual General Meeting as soon as or after they are so published.
15. (1) The headquarters of the Institute shall be established and maintained in a suitable location in Nigeria as determined by the Board.
(2) The Board may make rules providing for the establishment and maintenance of offices the Institute in the States of the Federation.
16. (1) There shall be established a Tribunal to known as the Institute of Chartered Economists of Nigeria Disciplinary Tribunal (in this bye-law referred to as “the Tribunal”) which shall be charged with the duty of considering and determining any case referred to it by the Panel established under subsection (3) f this section and any other case which the Tribunal has cognizance under this bye-law.
(2) The Tribunal shall consist of Chairman of the Council and four other members appointed by the Board.
(3) There shall be established a Panel to be known as the Institute of Chartered Economists of Nigeria Investigating Panel (in this bye-law referred as “the Panel”) which shall be charged with the duty of –
(a)Conducting a preliminary investigation into any case where it is alleged that a member of the Institute has misbehaved in his capacity as a member; and
(b)Submitting a report of its investigation to the Tribunal.
(4) The Panel shall be appointed by the Board and shall consist of –
(a)Two members of the Council; and
(b)Three non members of the Council.
(5) The provisions of the Fourth Schedule to this bye-law shall, so far as they are applicable to the Tribunal and Panel respectively, have effect with respect to those bodies.
(6) The Council may, further to section 6 of this bye-law, make rules not inconsistent with this bye-law, as to acts which constitute professional misconduct.
17. (1) Where –
(a)A member registered under this bye-law is adjudged by the Tribunal to be guilty of infamous conduct in any professional respect or contravenes the code of conduct of the Institute as specified in the Third Schedule to this bye-law;
(b)A member is convicted, by any court in Nigeria or elsewhere having power to award imprisonment, of an offence (whether or not punishable with imprisonment) which in the opinion of the Tribunal is incompatible with the status of a Chartered Economist; or
(c)The Tribunal is satisfied that the name of any person has been fraudulently registered,
The tribunal may, if it deems fit, give a direction reprimanding that person or ordering the Registrar to strike his name off the relevant part of the register.
(2) The Tribunal may, if it deems fit, defer or further defer its decision as to the giving of a direction under subsection (1) of this section until a subsequent meeting of the Tribunal, but –
(a)No decision shall deferred under this subsection for periods exceeding one year in the aggregate; and
(b)No person shall be a member of the Tribunal for the purposes of reaching which has been deferred or further unless he was present as a member of the Tribunal when the decision was deferred.
(3) For the purposes of subsection (1) of this section, a person shall not be treated as convicted as therein mentioned unless the conviction stand at a time when no appeal or further appeal is pending or may (without extension of time) be brought in connection with the conviction.
(4) When the Tribunal gives a direction under subsection (1) of this section, the Tribunal shall cause notice of the direction to be served on the person to who it relates.
(5) The person to whom such direction relates may, at anytime within twenty eight days from the date of service on him of notice of the direction, may appeal against the direction to the Federal High Court, and the Tribunal may appear as respondent to the appeal and for the purpose of enabling directions to be given as to the costs of the appeal and of proceedings before the Federal High Court, the Tribunal shall deemed to be a party thereto whether or not it appears on the hearing of the appeal.
(6) A direction of the Tribunal given for the purpose of subsection (1) of this section shall take effect –
(a)Where no appeal under this section is brought against the direction within the time limited for such an appeal, on the expiration of that time; or
(b)Where such an appeal is brought and is withdrawn or struck out for want of prosecution, or the withdrawal, on striking out of the appeal; or
(c)Where such an appeal is brought and is not withdrawn or struck out as aforesaid if and when the appeal is dismissed.
(7) A person whose name is removed from the register in pursuance of a direction of the Tribunal under this section shall not be entitled to be registered again except in pursuance of a direction in that behalf given by the Tribunal on the application of that person.
(8) A direction under this section for the removal of a person’s name from the register may prohibit an application under subsection 7 of this section by that person until the expiration of such period from the date of the direction (and where he has duly made such an application from the date of his last application) as may be specified in the direction.
18. (1) If any person for the purpose of procuring the registration of any name, qualification or other matter –
(a)Makes a statement which he knows to be false in a material particular; or
(b)Recklessly makes a statement which is false in material particular:
He is guilty of an offence.
(2) If any member deliberately betrays the trust of his clients by such as collecting remuneration for services not rendered or certification of jobs, which do not meet specifications; he is guilty of an offence.
(3) If on or after the commencement of this Bye-law, any person who is not a member of the Institute practices as chartered economists registered by the Institute for or in expectation of reward or takes or uses any name, title, addition or description implying that he is in practice as a chartered economists registered by the Institute, he is guilty of an offence.
(4) If the Registrar or any other person employed by or on behalf of the Institute willfully makes any falsification in any matter relating to the register, he is guilty of an offence.
(5) A person guilty of an offence under this section is liable –
(a)On summary conviction, to a fine of an amount not exceeding N50,000 or
(b)On conviction to his name being removed from the register; or
(c)On conviction or indictment, to a fine of an amount not exceeding N200, 000 or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.
19. (1) On the commencement of this BYE-LAW –
(a)All properties held immediately before by or on behalf of the Incorporated Institute before this Bye-law, by virtue of this section shall be vested on the Institute; and
(b)Subjected to subsection (2) of this section, any act, or matter made or done by the Incorporated Institute before this bye-law shall continue to have effect.
(2) The provisions of this bye-law shall have effect with respect to matters arising from the transfer by this section to the Institute of the property of the Incorporated Institute before this bye-law, and with respect to the other matters mentioned in the Fifth Schedule to this bye-law
20. In this bye-law, unless the context otherwise requires –
“Board” means the Board of Trustees;
“Chartered economists” means a person enrolled as a fellow or associate member of the Institute established under this bye-law;
“Council” means the Council established as the governing body of the Institute under section 2 of this bye-law;
“Fees” includes registration fee and annual practicing fee;
“Institute: means the Institute of Chartered Economists of Nigeria (ICEN) established under section 1 of this bye-law;
“Member” means individual member of the Institute;
“Disciplinary Tribunal” has the meaning assigned to it under section 16 of this bye-law;
“President” and Vice President” means respectively the office holder under those names in the Institute;
“Register” means the register maintained in pursuance of section 8 of this bye-law;
“Profession” means the profession in the areas of Economics and sciences, and related disciplines;
“he” means a male or female member as the case may be.
21. This bye-law may be cited as the Institute of Chartered Economists of Nigeria (Establishment, Citation. Etc) bye-law

SECTION 2
SCHEDULES
FIRST SCHEDULE
SUPPLEMENTARY PROVISION RELATING TO THE COUNCIL AND THE INSTITUTE
Qualifications and tenure of office of members of council

1. (1) Subject to the provisions of this paragraph, a member of Council shall hold office for a period of two years beginning from date of his appointment or election.
2. In the case of a person who is a member by virtues of having been President of the Institute, he shall hold office for period of two years from the date of having ceased to be President of the Institute.
3. Any member of the Institute, who ceases to be a member thereof, if he is also a member of the Council, shall cease to hold office on the Council.
4. Any elected member may, by notice in writing under his hand addressed to the President of the Institute, resign his office, and any appointed member may, with the consent of the President, in the same manner resign his office.
5. A person who retires from or otherwise ceases to be an elected member of the Council shall be eligible again to become a member of the Council and any appointed member may be reappointed.
6. Members of the Council shall at its meeting before the annual meeting of the Institute arrange for the five members of the council or elected and longest in office to retire at that annual meeting.
7. Elections of officers of the Council shall be held in such manner as may be prescribed by rules made by the Board.
8. If for any reason a member vacated office –
(a)If such member was appointed by the Council, the Council shall appoint another fit and proper person to replace such member; or
(b)The Council may, if the time between the unexpired portion of the term of office and the next meeting of the Institute appears to warrant the filling of vacancy, the Council may appoint another person to replace such member for the unexpired term.

Powers of council
2. The Council shall have powers to do anything with the approval of the Director General/Chief Executive Officer, which is its opinion is calculated to facilitate the carrying on the activities of the Institute.
3. (1) Subjects to the provisions of this bye-law, the Council may in the name of the Institute make standing orders regulating the proceeding of the Institute, the Council or any of the Committees of the Council or Institute
(2) The standing orders shall provide for decisions to be taken by a majority of the members, and in the event of equality of votes, the President of the Institute, as the case may be, shall have a second or casting vote.
(3) The standing orders made for a committee shall provide that the committee reports back to the Council and the Council back to the BoT for ratification.
(4) The quorum of the Council shall be seven including the President and the quorum of a committee of the Council shall be determined by the Council.

4. (1) The Institute meet once a year
(2) The Board shall convene the annual meeting of the Institute on a specific date to be determined by the Board every year or not later than fifteen months between respective dates of two meetings.
(3) The Annual General Meeting shall elect the President, First Vice-President and Second Vice-President of the Institute and approve the budget, work programme of the Council and rules by the Council.

Meeting of the Council
5. (1) Council shall meet at least twice a year
(2) Subject to the provisions of any standing orders of the Council, the Council shall meet whenever it is summoned by the Chairman; and if the Chairman is required to do so by notice in writing given to him by not less than seven other members, he shall summon a meeting of the Council to be held within seven days from the date on which the notice is given.
(3)At any meeting of the Council, the Chairman or in his absence, the Vice Chairman shall preside.
(4) Where the Council desires to obtain the advice of any person on a particular matter, the Council may co-opt him as a member for such period as the Council thinks for; but a person who is a member by virtue of this paragraph, shall not be entitled to vote at any meeting of the Council and shall not count towards a quorum.
(5) Notwithstanding, anything in the foregoing provisions of this paragraph, the President shall summon the inaugural meeting of the Council.

Committees
6. (1) The Council shall appoint the following standing committees-
(a)Admission and registration committee;
(b)Education and training committee;
(c)Finance and general purpose committee; and
(d)Such other ad hoc committees,
To carry out on behalf of the Council, such functions as the Council may determine.
(2) A committee appointed under this paragraph shall consist of the number of persons determined by the Council of whom not more than one third may be persons who are members of the Council and a person other than a member of the Council shall hold office on the committee in accordance with the terms of the letters by which he is appointed.
(3) Seventy percent of membership of this committee shall be drawn from registered members outside Council who are professionally competent to be so appointed and membership of any standing committee shall not be less than five and more than seven shall be chaired by a Council member so appointed.
(4) A decision of a committee of the Council shall be of no effect until the Board considers and ratifies or approves it.
Miscellaneous
7. (1) The fixing of the seal of the Institute shall be authenticated by the signature of the Director General/Chief Executive officer of the Institute.
(2) Any contract or instrument which, if made or executed by a person not being a body corporate, would not be required to be under seal, may be made or executed on behalf of the Institute or of the Board, as the case may require, by any person generally or specially authorized to act for that purpose by the Board.
(3) Any document purporting to be a document duly executed under the seal or authorization of the Board shall be received in evidence and shall, unless the contrary is proved, be deemed to be executed.
8. The validity of any proceeding of the Institute or the Council or of a committee of the Council shall not be adversely affected by any vacancy in membership, or by any defect in the appointment of a member of the Institute or the Council or of a person to serve the committee or by reason that a person not entitled to do so took part in the proceeding.
9. Any member of the Institute or the Council, and any person holding office on a committee of the Council, who has a personal interest in any contract or arrangement entered into or proposed to be considered by the Council on behalf of the Institute, or on behalf of the Board or a committee thereof, shall forthwith disclose his interest to the Board of the Institute and shall not vote on any question relating to the contract or arrangement.
SECTION 3
SECOND SCHEDULE
Section 5 (5)
SUPPLEMENTARY PROVISIONS RELATED TO THE ADMISSION OF MEMBERS INTO THE INSTITUTE
1.(1) Subject to sections 5 (2) and 5 (5) of this bye-law, admission of members into the Institute shall be by registration.
(2) A person accorded, by the Council established by this bye-law, status as chartered economists shall be entitled to use of that name and shall be registered as a member if –
(a)He holds qualification(s) approved by the Board, or Council or
(b)He passes the qualifying examination for registration recognized or conducted by the Institute under this bye-law and completes the practical training prescribed; provided that the admissions committee may consider waiving certain aspects subject to Council approval;
(c)He has sufficient practical experience in economic related work of at least five years and holds a testimonial/certificate of experience from the Institute of Chartered Economists or he is a member of the Institute and has so recommended; or
(d)He holds the relevant professional registration from outside Nigeria and is acceptable to the Council provided there are no encumbrances thereto.

(3) An applicant for registration under this bye-law shall in addition to evidence of qualification, satisfy the Council that –
(a)He is of good character;
(b)He has attained the age of 21 years; and
(c)He has not been convicted in Nigeria or elsewhere of an offence involving fraud, dishonesty or any other criminal conduct.
(4) The Council shall, from time to time, publish in the Journal, particulars of qualifications accepted for registration by the Institute.
(5) The Institute shall conduct continuing education programmes to upgrade the skills and competence of members.
(6) The continuing education and training committee of the Institute shall conduct training for the qualifying examination required for registration.
(7)The Institute shall provide and maintain a library comprising standard, regulatory laws and policy, books, publications for the promotion and advancement of knowledge in Economics and such other books and publications that the Board may deem fit.
(8)The Institute shall encourage research into economics and allied subjects to the extent that the Council may from time to time determine.
SECTION 4
THIRD SCHEDULE
Section 6 (2)
CODE OF CONDUCT FOR MEMBERS
1.Every member of the Institute when discharging his professional duty shall abide by the code of conduct.
2.The Board or the Council as may deem necessary from time to time review this code of conduct.
3.A member –
(a)Shall not accept professional obligations which he believes he has not sufficient competence and authority to perform;
(b)Shall accept due responsibility for all work done by him or under his direct supervision and shall take all reasonable steps to ensure that persons working under his authority and supervision are competent and dutiful to carry out the tasks assigned to them;
(c)Shall, when called upon to give an opinion in his professional capacity and based on the facts disclosed to him, give an opinion that is objective and reliable to the best of his ability;
(d)Shall, if his professional advice is not accepted, take all reasonable steps to ensure that the person or body ruling or neglecting his advice is aware of the possible consequences which may arise there from’
(e)Shall take all reasonable care in his professional capacity to minimize the risk of any mishap or damage to the practice of economics and shall respect all laws and statutory regulations.
(f)Shall not maliciously or recklessly injure or attempt to injure whether directly or indirectly the professional reputation of another;
(g)Shall not improperly solicit work as an independent adviser or consultant either directly or by an agent, or shall he improperly pay any person, by commission or otherwise, for the introduction of such work; and
(h)Who works in a country other than Nigeria, shall order his conduct according to this Bye-law, but where there are different standards of professional conduct and practice in that country which are recognized and acceptable by the Board, he shall adhere to both standards.

The philosophy of the institute of chartered economists of Nigeria
The ICEN provides equality of opportunities for economists in both developed and developing countries like Nigeria. It provides professional training for people working in various walks of life. The entire system is hampered by shortage of resources, both human and material. The Institute helps curb such shortages, which the conventional institutions are unable to meet. It also helps to make the economic profession relevant to the needs of the country. It is therefore, a viable option in the training and retraining of professional economists in an economy like that of Nigeria.

Why becoming a professional economist
There is no gainsaying to the fact that education is fast becoming an essential commodity that everyone is aspiring to have. High unemployment rate coupled with severe economic crunch often necessitate people at the middle cadre to seek an alternative means of training themselves to acquire more skills while still retaining their jobs. The Institute therefore, serves as a viable option for such category of people because of its capacity to provide them with their professional training needs and at the same time guaranteeing them jobs security in their work places. Also Economics contributes a great deal towards the performance ·of managerial duties and responsibilities. Just as Biology contributes to the medical profession, Economics contributes to the managerial profession. All other qualifications being the same, Managers with a working knowledge of Economics can perform their functions more efficiently than those without it. The basic function of the managers of a business firm is to achieve the objective of the firm to the maximum possible extent with the limited resources placed at their disposal. The emphasis here is on the maximization of the objective and limitedness of the resources. Had the resources been unlimited, like sunshine and air, the problem of economizing on resources or resource management would have never been chosen. Resources at the disposal of a firm, whether finance, human or materials, are by all means limited. Therefore, the basic task of the management is to optimize the use of the resources. The Institute, therefore, has the pleasure to welcome you on board to her programmes.

GOOD CORPORATE CONDUCT:
For a global Institution like the ICEN with great expectations from our stakeholders and members, how we manage our business is significant. This is the foundation of the principle of good corporate conduct. Our belief is that our Institutes should uphold high standards of behaviour and integrity. It is also about demonstrating what a socially responsible Institute should be and why high standards of corporate social responsibility should be promoted within the professional Institutions. We have an obligation to ensure that our views & those of our stakeholders are not overlooked in the development and implementation of government policies that will affect us. Our position is that the professional Institutions should have a voice in the formulation of government policies affecting it

We believe that our business and activities should be conducted in accordance with the highest degree of ethical standards, good corporate governance and in full compliance with the law. We deem it our responsibility to ensure that our employees, members, students and stakeholders at large continuously uphold high standards of conduct in the performance of their duties.

The institute of Chartered Economists of Nigeria intend to:
a.Set the tone and culture for our Institution to uphold the standards of a good corporate citizen,
b.Ensure that actions of the ICEN, employees and members are lawful and in accordance with these standards
c.Assist our employees, members and students to make appropriate judgments and decisions in the course of their work.

Note: Any issue the Chartered Bill or An Act of the National Assembly 162 0f 2019 is silent about; the provision in this bye-law will and shall take it full effect. This Bye-law of the ICEN shall overrides some of the provisions in the Chartered Act 162 of 2019, as this is the original pillar upon which ICEN is built.

Distinguished University PROFESSOR BALOGUN CHRISTOPHER OMINYOFE
BoT Chairman/CEO