Section 33: Establishment of Fund of the Council.

(1) The Council shall establish and maintain a fund into which shall be paid all incomes accruing from annual levies charged from-
(a) every registered professional, not less than N5,000.00 annually;
(b) every publicly quoted company, an amount based on its market capitalization, annually as follows:
(i) an amount equal to 0.1% of market capitalization or N250,000.00 whichever is lower, where the market capitalization of a company is not more than N1 Billion;
(ii) an amount equal to 0.04% of market capitalization or N2,000,000.00 whichever is lower, where the market capitalization of a company is greater than N1.00 billion but not more than N500 billion; and
(iii) N5,000,000.00 only, where the market capitalization of a company is greater than N500 billion.
(c) every public interest entity other than those covered by paragraph (b), an amount based on its annual turnover as follows:
(i) N5,000.00, where the annual turnover of the entity is not less than N25 million but not more than N50 million;
(ii) N20,000.00, where the annual turnover of the entity is greater than N50 million but not more than N500 million;
(iii) N50,000.00, where the annual turnover of the entity is greater than N500 million but not more than N1 billion;
(iv) N100,000.00, where the annual turnover of the entity is greater than N1.00 billion but not more than N10 billion; and
(v) N1,000,000.00, where the annual turnover of an entity is greater than N10 billion.
(d) budgetary allocations and subventions from the Federal Government;
(e) fines and penalties imposed by the Council;
(f) fees charged for services rendered by the Council;
(g) rents, fees and other internally generated revenues from services provided by the Council;
(h) gift, loans, grant-in-aid from national, bilateral and multilateral organizations and agencies; and
(i) all other sums accruing to the Council from time-to-time.
(2) Where a person fails to pay the levy charged in accordance with sub-section (1) as and when due, the person shall :
(a) pay a penalty equivalent to 10% of the amount due for every month of default cumulatively for up to ten months;
(b) thereafter, if still in default, the defaulting person shall be prosecuted and if convicted shall be liable to a fine of not more than 3 times the amount due plus all accrued penalties for default charged by the Council; and
(c) in addition, in the case of a company, the chief executive officer of the company shall be liable to a fine of not more than N500,000.00 or imprisonment for a term not exceeding 6 months.