ICAN to Delist & Suspend all Members Owing Subscriptions, Delist Members Without Contact Details and Cancel Old Licence to Practice. – PensionNigeria

ICAN to Delist & Suspend all Members Owing Subscriptions, Delist Members Without Contact Details and Cancel Old Licence to Practice.

The Institute of Chartered Accounts of Nigeria (ICAN) has sent out a communication to members that it will delist and suspend all members owing subscriptions. From the information gathered ICAN has not contacted members to know the reason why they are not paying their subscriptions but ICAN has released the communication that it will delist and suspend all members owing Subscriptions effective form 01 November 2019.

Below is the communication.

SUSPENSION, DELISTING OF INDEBTED MEMBERS AND CANCELLATION OF OLD LICENCE TO PRACTISE.

Section 6(5)(d) of the ICAN Act mandates the Registrar to “record the names of members of the Institute who are in default for more that four months in the payment of annual subscriptions and to take such action in relation thereto (including removal of names of defaulters from the register) as the Council under this Act may direct or require”.

In pursuance of the above Section of the ICAN Act, the Council of the Institute of Chartered Accountants of Nigeria has approved the suspension/delisting from the register of members those indebted effective November 1, 2019.

DELISTING
Members who owe subscriptions for more than 3 years will be removed (delisted) from the register. Such members will only be readmitted on:

i. Completion of a readmission form
ii. Payment of all outstanding subscriptions
iii. Payment of readmission fee of Fifty Thousand Naira (N50,000) and
iv. Giving an undertaking to pay subsequent subscriptions as and when due.

A grace period of one month is hereby given to affected members to reconcile and make good their financial status on or before October 31, 2019.

SUSPENSION

Members who owe subscription for not more than 3 years (2017, 2018 and 2019) will be suspended and such members can only be readmitted on payment of all outstanding subscriptions and a sum of Ten Thousand Naira (N10,000) penalty fee.

A grace period of one month is hereby given to affected members to reconcile and make good their financial status on or before October 31, 2019.

DELISTING OF MEMBERS WITHOUT CONTACT DETAILS

Section 6(6) (a)(b) of the ICAN Act also provides for delisting of members who refused to make their contact details available to the Institute. The Council has tried to correct this anomaly by requesting members to update their profiles to no avail hence members without contact details will be delisted.

A grace period of one month is hereby given to affected members to update their contact details on or before October 31, 2019.

CANCELLATION OF OLD LICENCE TO PRACTISE:

The Institute has cancelled all Licences to Practise without validity dates and replaced them with Licences to Practise that carry a three-year validity period. All members with Licences to Practise without validity dates are required to apply for replacement with the new Licences on or before October 31, 2019.

CAVEAT

Members of the public who wish to use the services of members are advised to contact the Institute to confirm the status of such members.

Members of the public who wish to use the services of members in practice are advised to look out for the validity period and contact the Institute to confirm the authenticity of the Licence to Practise Certificates.

The Institute will not be liable where a member of the public uses the services of a delisted or suspended member.

RECONCILIATION

Members are advised to visit the ICAN website at www.icanig.ng for the list of financial members. Members with complaints/enquiries on their indebtedness are to contact finance@ican.org.ng or call 01-4542085 and 09053847527 (8.30am to 4.30pm)

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