Section 2: Establishment and membership of the Governing Council.

(1) There is established for the Board, a Governing Council (in this Act referred to as "the Council") which shall have overall control of the Board.
(2)
The Council shall consist of-
(a) a Chairman who shall be a professional accountant with considerable professional experience in accounting practices;
(b) two representatives each of the following-
(i) Institute of Chartered Accountants of Nigeria; and
(ii) Association of National Accountants of Nigeria;
(c) a representative each of the following-
(i) Federal Ministry of Commerce;
(ii) Federal Ministry of Finance;
(iii) Central Bank of Nigeria;
(iv) Corporate Affairs Commission;
(v) Federal Inland Revenue Service;
(vi) Nigerian Deposit Insurance Corporation;
(vii) Securities and Exchange Commission;
(viii) Auditor-General for the Federation;
(ix) Accountant-General of the Federation;
(x) Chartered Institute of Taxation of Nigeria;
(xi) Nigeria Accounting Teachers Association; and
(xii) Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture;
(d) the Executive Secretary of the Board.
(3)
The Chairman and members of the Council, other than ex officio members, shall be appointed by the President, on the recommendation of the Minister.