The Council of the Institute of Chartered Accountants of Nigeria has approved the suspension/delisting of members with outstanding subscription from its membership register with effect from November 1, 2019.
Members to be delisted are those owing subscriptions for more than three years. The Institute said such members would only be readmitted after meeting some conditions including the payment of all outstanding subscriptions; payment of readmission fee of Fifty Thousand Naira (N50,000); and submission of an undertaking to pay future subscriptions as and when due.
Penalty for members who owe subscription for not more than three years (2017, 2018 and 2019) would be suspension and such members can only be readmitted on payment of all outstanding subscriptions plus a penalty fee of Ten Thousand Naira (N10,000) .
The two categories of members have been given a grace period of one month ending October 31, 2019 to reconcile and make good their financial status.
Also members who have paid their subscriptions to date but have failed to provide their contact details would be delisted from the register of members if they fail to update their contact details on or before October 31, 2019.
Full ICAN Publication on Suspension and Delisting of Members available here https://www.pensionnigeria.com/blog/ican-to-delist-suspend-all-members-owing-subscriptions-delist-members-without-contact-details-and-cancel-old-licence-to-practice/