Section 33: Establishment of Fund of the Council.(as amened by Section 8 of the Financial Reporting Council of Nigeria (Amendment) Act, 2023.)

(1)
The Council shall establish and maintain a Fund into which shall be paid —
(a) all incomes accruing from annual dues from —
(i) all registered professionals,
(ii) all registered firms of professionals,
(iii) public interest entities, and
(iv) other entities as prescribed by the Council and approved by the Minister;
(b) annual dues from every registered professional, not less than N10,000;
(c) an amount from every publicly quoted company, based on its market capitalization, annually as follows —
(i) an amount equal to 0.10% of market capitalization or N500,000 whichever is higher, where the market capitalization of a company is not more than N1 billion,
(ii) an amount equal to 0.04% of market capitalization or N2 million whichever is higher, where the market capitalization of a company is greater than N1 billion but not more than N5 billion,
(iii) an amount equal to 0.004% of market capitalization or N3.5 million whichever is higher, where the market capitalization of a company is greater than N5 billion but not more than N100 billion,
(iv) an amount equal to 0.004% of market capitalization or N10 million whichever is lower, where the market capitalization of a company is greater than N100 billion but not more than N250 billion,
(v) an amount equal to 0.003% of market capitalization or N15 million whichever is lower, where the market capitalization of a company is greater than N250 billion but not more than N500 billion,
(vi) an amount equal to 0.0025% of market capitalization or N20 million whichever is lower, where the market capitalization of a company is greater than N500 billion but not more than N1 trillion, and
(vii) an amount equal to 0.002% of market capitalization or N25 million whichever is lower, where the market capitalization of a company is greater than N1 trillion;
(d) an amount from every public interest entity other than those covered by paragraph (b), based on its annual turnover as follows —
(i) an amount equal to 0.02% of annual turnover, where the annual turnover of the entity is not more than N25 million,
(ii) an amount equal to 0.025% of annual turnover, where the annual turnover of the entity is greater than N25 million but not more than N50 million,
(iii) an amount equal to 0.03 % of annual turnover, where the annual turnover of the entity is greater than N50 million but not more than N500 million,
(iv) an amount equal to 0.04% of annual turnover, where the annual turnover of the entity is greater than N500 million but not more than N1 billion,
(v) an amount equal to 0.045% of annual turnover, where the annual turnover of the entity is greater than N1 billion but not more than N10 billion, and
(vi) an amount equal to 0.05% of annual turnover, where the annual turnover of an entity is greater than N10 billion;
(e) budgetary allocations and subventions from the Federal Government;
(f) fines and penalties imposed by the Council;
(g) fees charged for services rendered by the Council;
(h) rents, fees and other internally generated revenues from services provided by the Council;
(i) gift, loans, grant-in-aid from national, bilateral and multilateral organizations and agencies; and
(j) all other sums accruing to the Council from time-to-time.
(2) The dues referred to in subsection (1) shall be payable by —
(a) individual professionals and professional firms, not later than 60 days from 1 st January of every year;
(b) public interest entities, not later than 120 days of the financial year; and
(c) other entities, not later than 120 days of the financial year.
(3) Where a person or an entity fails to pay the dues as prescribed in subsection (1) as and when due, the person or entity shall —
(a) pay a penalty equivalent to 10% of the amount due for every month of default cumulatively until payment is made;
(b) be liable to sanctions as may be prescribed by the Council for any default of its agents, officers or personnel engaged in the financial reporting process for failure to comply with the provisions of this Act;
(c) be prosecuted by the Council, for default in payment as prescribed in this section; or
(d) be liable, in the case of the chief executive officer, to a penalty as may be prescribed by the Council, or on conviction to imprisonment for a term not exceeding 6 months.