CHARTERED INSTITUTE OF TREASURY MANAGEMENT (ESTABLISHMENT) ACT, 2021

(1) There is established the Chartered Institute of Treasury Management (in this Act referred to as “the Institute”) which —
(a) shall be a body corporate with perpetual succession and a common seal, kept in such custody as the Council may direct;
(b) may sue and be sued in its corporate name; and
(c) may acquire, hold and dispose of any property, moveable or immovable.
(2) The Institute shall —
(a) determine the level of knowledge and skills to be attained by persons seeking to become members of the profession and review the standards as may be required;
(b) establish and maintain a register of members and publish the register in line with the provisions of this Act;
(c) regulate the practice of treasury management in its ramifications; and
(d) perform other functions conferred on the Council under this Act.

(1) Subject to section 12 of this Act, a person admitted to membership of the Institute shall be registered as a member of the Institute in the category of-
(a) Fellow;
(b) Full Member;
(c) Associate Member;
(d) Graduate Member;
(e) Student Member; or
(f) Corporate or Institutional Member.
(2) Every member of the Institute in all the categories listed under subsection (1) shall attend Mandatory Continuous Professional Training Programme (MCPTP) as specified by the Council for reorientation and development processes.

(1) A member of the Institute is entitled to receive, from the Council, a certificate in such form as the Council may approve for that purpose.
(2) A member is entitled to use letters after his name as may be authorised by the Council and, if registered into the category of-
(a) Fellow, he shall use the initials, "FITM";
(b) Full Member, he shall use the initials, "MITM"; and
(c) Associate Member, he shall use the initials, "AMITM".

(1) The principal officers of the Institute are-
(a) President;
(b) Deputy President; and
(c) National Treasurer.
(2) The principal officers shall —
(a) be members of the Institute;
(b) be elected at the Annual General Meeting (AGM) of the Institute; and
(c) each hold office for a term of two years and may be eligible for re- election for another term of two years and no more.
(3) The President is the Chairman at the meetings of the Institute and, in the event of the death, incapacitation or inability, for any reason, of the President to perform the functions of his office, the Deputy President shall act in his place for the unexpired portion of the term of office or as the case may require, and references in this Act to the President shall be construed accordingly.
(4) The President, Deputy President, and National Treasurer shall be the Chairman, Deputy Chairman and the Treasurer of Council respectively.
(5) If the President, Deputy President, or National Treasurer ceases to be a member of the Institute, he shall cease to hold any office designated under this section.

(1) There is established for the Institute a Governing Council (in this Act referred to as "the Council") charged with responsibility for the administration and general management of the Institute.
(2) The Council consists of -
(a) the President of the Institute as Chairman;
(b) the Deputy President of the Institute as Vice-Chairman;
(c) the National Treasurer;
(d) one person each, representing the —
(i) Federal Ministry of Education;
(ii) Federal Ministry of Employment, Labour and Productivity; and
(iii) Federal Ministry of Finance;
(e) six zonal chairmen elected every two years from the six geopolitical zones;
(f) 12 members of the Institute elected at the AGM;
(g) seven corporate members nominated by the Council;
(h) three educational and training Institutions nominated by the Council;
(i) Chairman, Board of Fellows; and
(j) the immediate past President of the Institute and Chairman of the Council.
(3) The provisions of the First Schedule to this Act shall have effect with respect to the qualifications and tenure of office of members of the Council and other matters mentioned in the First Schedule. [First Schedule]

(1) The Council shall appoint a Board of Fellows annually to coordinate the activities of Fellows of the Institute and to recommend to the Council, on a yearly basis, admission of members to the membership category of Fellows.
(2) The Board of Fellows shall consist of persons who have been duly elected as Fellows of the Institute.

(1) The Council shall establish and maintain a fund (in this Act referred to as "the Fund") which shall be managed and controlled by the Council and into which shall be paid all -
(a) fees and other money payable to the Institute under this Act; and
(b) fees and other money payable to the Institute under this Act; and
(2) There shall be paid out of the Fund -
(a) all expenditure incurred by the Council in the performance of its functions under this Act;
(b) the remuneration and other allowances of the Registrar and other staff of the Institute; and
(c) such reasonable traveling and subsistence allowances of members of the Council in respect of the time spent on the duties of the Council as the Council may determine.
(3) The Council may invest money in any bond or other security created, issued by, or guaranteed on behalf of the Federal Government or in any other securities in Nigeria approved by the Council.

The Council may borrow money for the purpose of the Institute and any interest payable on the money borrowed shall be paid out of the Fund.

(1) The Council shall -
(a) keep proper accounts on behalf of the Institute in respect of each year and proper records in relation to those accounts; and
(b) cause the accounts to be audited by an auditor appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(2) The report of the audited accounts shall be submitted to the members of the Institute for approval by them at the AGM of the Institute.
(3) The auditor appointed for the purpose of this section shall not be a member of the Council.

(1) The Council shall appoint a fit and proper person as the Registrar of the Institute for the purpose of this Act.
(2) The Registrar shall be a -
(a) financial member of the Institute; and
(b) Fellow of the Institute.
(3) The Registrar shall be the Chief Executive of the Institute and Secretary to the Council.
(4) The Registrar shall prepare and maintain, in accordance with the rules made by the Council under subsection (5), a register of names, addresses, approved qualifications and other relevant requirements as may be specified, for all persons who are enrolled as Fellows, Full Members, Associate Members, Graduate Members Student Members and Corporate or Institutional Members of the Institute.
(5) The Council shall make rules as to the form and keeping of the register and the making of entries in it and in particular for —
(a) application for enrolment;
(b) determining the qualification which is relevant to the profession and accepted for the purpose of this Act; and
(c) specifying the fees and subscription to be paid to the Institute in respect of the entry of names into the register and authorising the Registrar to refuse to enter any name until a specified fee is paid.

(1) The Registrar shall —
(a) correct, in accordance with the Council's direction, any entry in the register which the Council directs him to correct that in the opinion of the Council, is an entry which is incorrectly made;
(b) make alterations in the registered particulars of registered members;
(c) remove from the register, the name of a registered member who has died or a person whose name is directed to be struck off as a result of disciplinary action;
(d) record the names of members of the Institute who are in default for more than four years in payment of annual subscription and to take such actions he thinks fit under this Act;
(e) cause the register to be printed, published and put on sale to members of the public not later than two months from the commencement of this Act;
(f) subsequently, in each year after the year in which the register is first published under paragraph (e), cause to be printed, published and put on sale either a corrected edition of the register or a list of corrections made to the register since it was last printed;
(g) cause a print of each edition of the register and of its list of corrections to be deposited at the principal office of the Institute; and
(h) keep the register and list so deposited and make the register and list available, at all reasonable times, for inspection by members of the public, either physically or virtually through an internet portal.
(2) A document purporting to be a print of an edition of the register published under this section by authority of the Registrar, or document purporting to be print of an edition so published shall, without prejudice to any other mode of proof, be admissible in any proceeding as evidence that any person specified in the documents read together, as being registered was so registered at the date of the edition or of the list of corrections as the case may be, and that any person not so specified was not so registered.
(3) Where a person is, in any proceeding, shown to have been or not to have been registered on a particular date, he shall, unless the contrary is proved, be taken for the purpose of those proceedings as having at all material times thereafter continued to be, or not to be, so registered.

(1) Subject to the provisions of this Act, an individual is eligible to be registered as a treasury manager if he -
(a) passes the qualifying examination accepted by the Council;
(b) completes the practical training prescribed by the Institute under this Act;
(c) holds any other qualification accepted by the Institute for the time being; or
(d) qualifies for enrolment as a member in any of the categories specified for the purpose of this Act.
(2) An applicant shall, in addition to evidence of qualification, satisfy the Council that -
(a) he is of good character;
(b) has attained the age of 21 years; and
(c) has not been convicted by any court of law in Nigeria or elsewhere for an involving fraud or dishonesty.

(1) The Council shall publish particulars of qualifications accepted by the Council for registration.
(2) The Council shall approve any institution for the purpose of this Act, and may for such purpose approve -
(a) any course of training at an approved institution which is intended for persons seeking to become or are already treasury management practitioners and which the Council considers as designed to confer on persons relevant and sufficient knowledge and skills for admission into the Institute; or
(b) any qualification which, as a result of an examination taken in conjunction with a course of training approved by the Council under this section, is granted to candidates reaching a standard at the examination indicating in the opinion of the members of the Council, that the candidates have sufficient knowledge and skill to practice the profession.
(3) The Council may, if it deems fit, withdraw any approval given under this section in respect of any course, qualification or institution, but before withdrawing the approval, the Council shall -
(a) give notice that it proposes to withdraw the approval to each person in Nigeria appearing to the Council to be a person by whom the course is conducted, the qualification is granted or the Institution is controlled, as the case may be;
(b) give the person an opportunity of making representation to the Council with regard to the proposal; and
(c) take into consideration any representation made in respect of the proposal.
(4) Any period during which the approval of the Council under this section for a course, qualification or institution is withdrawn, the course, qualification or institution shall not be treated as approved under this section, but the withdrawal of the approval shall not prejudice the registration or eligibility för registration of any person who, by virtue of the approval, was registered or eligible for registration immediately before the approval was withdrawn.
(5) The giving or withdrawal of an approval under this section shall have effect from such date, either before or after the execution of the instrument signifying the giving or withdrawal of the approval, as the Council may specify in that instrument, and the Council shall -
(a) publish, as soon as possible, a copy of every instrument in the print media; and
(b) not later than seven days before its publication, send a copy of the instrument to the Minister.
(6) The members of the Council shall keep themselves informed of the nature of -
(a) the instruction given at approved institutions to persons attending approved courses of training; and
(b) the examination for which approved qualifications are granted, and to discharge that duty, the Council may appoint, either from among its own member or otherwise, persons to visit approved institutions, or to attend such examinations.

(1) The Council shall set up a Visitation Panel which shall report to the Council on —
(a) the sufficiency of the instruction given to persons attending the approved course of training at the institution visited;
(b) the sufficiency of the examinations attended; and
(c) any other matter relating to the institution or examination on which the Council may, either generally or in a particular case, request the Visitation Panel to report, but the Visitation Panel shall not interfere with the giving of any instruction or the holding of any examination.
(2) On receiving a report made under this section, the Council may, if it deems fit, and shall, if so required by the Institute, send a copy of the report to the person appearing to the Council to be in charge of the Institution or responsible for the examination to which the report relates, requesting that person to make observations on the report to the Council within the period as may be specified in the request, not being less than one month beginning with the date of the request.

(1) There is established the Chartered Institute of Treasury Management Investigating Panel (in this Act referred to as "the Panel"), charged with the responsibility for —
(a) conducting preliminary investigation into any case where it is alleged that a person registered has misbehaved in that person's capacity as member or, for any other reason, is subject of proceedings before the Tribunal; and
(b) deciding whether the case may be referred to the Tribunal.
(2) The Panel shall be appointed by the Council and shall consist of two members of the Council and three registered members who are not members of the Council.
(3) There is established the Chartered Institute of Treasury Management Disciplinary Tribunal (in this Act referred to as "the Tribunal") charged with the responsibility of considering and determining any case referred to it by the Panel.
(4) The Tribunal shall consist of the Chairman of the Council and six other members appointed by the Council, one of who may be a legal practitioner with at least 10 years post call experience.
(5) The provisions of the Third Schedule to this Act shall, so far as applicable to the Tribunal and Panel respectively, have effect with respect to those bodies. [Third Schedule]

(1) Where -
(a) a member is adjudged by the Tribunal to be guilty of infamous conduct in any professional respect;
(b) a member is convicted by any court of law in Nigeria or elsewhere, having powers to award imprisonment for an offence (whether or not punishable with imprisonment) which, in the opinion of the Tribunal, is incompatible with the status of a professional treasury consultant, 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 register
(2) The Tribunal may, if it deems fit, defer its decision as to the action taken under subsection (1) until a subsequent meeting of the Tribunal, but no
(a) decision shall be deferred under this provision for a period exceeding one year; and
(b) person shall be a member of the Tribunal for the purpose of reaching a verdict on a deferred or further deferred decision unless he was present as a member of the Tribunal when the decision was deferred.
(3) For the purpose of subsection (1) (b), a person shall not be treated as a convict unless the conviction stands at a point where no appeal or further appeal is pending or may, without extension of time, be brought in connection with the conviction.
(4) Where the Tribunal gives a directive for the purpose of effecting penalties for unprofessional conduct, the Tribunal shall cause notice of the directive to be served on the person to whom it relates.
(5) The person to whom a directive relates may, at any time within 28 days from the date of service on him of notice of the directive, appeal against the directive to the Federal High Court and the Tribunal may appear as respondent to the appeal and, for the purpose of enabling directive to be given as to the costs of the appeal and proceeding before the Federal High Court, the Tribunal shall be deemed to be a party to the appeal whether or not it appears on the hearing of the appeal.
(6) A directive of the Tribunal under subsection (1) shall take effect where -
(a) no appeal under this section is brought against the directive within the time limited for such an appeal, or at the expiration of the time;
(b) such an appeal is brought and is withdrawn or struck out for want of prosecution, or dismissed for lack of merit; or
(c) an appeal is brought and is not withdrawn or struck out, if and when the appeal is dismissed, shall not take effect under the provision of this section.
(7) A person whose name is removed from the register following a directive of the Tribunal under this section is not entitled to be registered again except in pursuant to a direction in that behalf given by the Tribunal on the application of that person and a directive under this section for the removal of a person's name from the register may prohibit an application under this subsection by that person until the expiration of that period from the date of the direction, and where he has duly made an application, from the date of his last application, as may be specified in the direction.

(1) From the commencement of this Act, any person who was not a member of the Institute before this Act and who under this Act, is qualified to apply for and obtain membership of the profession may, within the period of three months beginning with the date of the commencement of this Act, apply for membership of the Institute in the manner prescribed by the Council and if approved, he shall be enrolled or registered, as the case may be, according to the person's qualification.
(2) A person shall be deemed to be a professional treasury management practitioner if, for consideration of remuneration to be received whether by himself or in partnership with any other person —
(a) he engages in the practice of treasury management or holds himself out to the public as a professional treasury management consultant;
(b) he renders professional service or assistance in or about matters of principle or detail relating to treasury management or data; or
(c) renders any other service that may, by regulations made by the Council, be designated as service constituting practice.

(1) The Council may make rules for —
(a) training suitable persons in treasury management;
(b) licensing persons employed in the treasury;
(c) prescribing the fees to be paid by treasury practitioners or consultants; and
(d) restriction of right to practice where conditions are not met.
(2) The Council may also make rules prescribing the amount and due date for payment for membership of annual subscription and for such purposes, different amounts may be prescribed by the rules according to the category of membership of the Institute.
(3) Rules made under this section shall, if the Chairman of the Council directs, be published in the print media.

The Council may award honorary membership of the Institute to persons it considers worthy of such honour, on terms and conditions prescribed by the Council and approved by the Institute in its AGM.

The Institute shall -(a) provide and maintain a library comprising books and publications for the advancement of knowledge in treasury management and such other books and publications as the Council may consider necessary for that purpose;
(b) encourage research into treasury management methods and allied subjects to the extent that the Council may consider necessary; and
(c) encourage the production and sale of materials, books and journals arising from its research and consultancy activities.

Rules and regulations made under this Act shall be subject to confirmation by the Institute at its next AGM or at a special meeting of the Institute convened for that purpose, and if annulled, shall cease to have effect on the day after the date of annulment, but without prejudice to anything done under any such rules.

(1) From the commencement of this Act -
(a) all properties held by or on behalf of the Incorporated Institute before this Act, by virtue of this section shall be vested on the Institute; and
(b) subject to subsection (2), any act, or matter made or done by the Incorporated Institute before this Act shall continue to have effect.
(2) The provisions of this Second Schedule shall have effect with respect to matters arising from the transfer of the property of the Incorporated Institute to the Institute under this section, before the commencement of this Act, and with respect to other matters mentioned in the Second Schedule to this Act. [Second Schedule]

In this Act-
"Board" means the Board of Fellows;
"Council" means the Governing Council of the Institute established under section 5 (1) of this Act;
"fees" includes annual subscription;
"Minister" means the Minister charged with the responsibility for education;
"President" and "Deputy President" respectively means the office holders as specified under section 4 of this Act;
“register" means the register prepared and maintained under section 10 (4) of this Act;
"Tribunal" means the Disciplinary Tribunal established under section 15 (3) of this Act;
"treasury management" means a prudent and strategic approach to optimising beneficial returns for innovative employment of an entity's (government or private) finance and financial resources and borrowing capacity while putting in place preventive mechanism as measures to safeguard such resources at the same time ensuring continuous liquidity and net flows for economic benefits from investment opportunities while minimising losses and exposures to associated risks which includes misappropriation or misapplication arising from continuous changing operating landscape in finance environment.

This Act may be cited as the Chartered Institute of Treasury Management (Establishment) Act, 2021.