Section 1: Establishment of the Nigerian Institute of Management and its duties.

(1) There shall be established a body to be known as the Nigerian Institute of Management (in this Act referred to as " the Institute") which shall be a body corporate under that name and be charged with the general duty of-
(a) determining what standards of knowledge and skill are to be attained by persons seeking to become members of the management profession and raising those standards from time to time as circumstances may permit ;
(b) securing in accordance with the provisions of this Act the establishment and maintenance of registers of members and the publication from time to time, of a list of those members ;
(c) regulating and controlling the profession of management in all its aspects and ramifications; and
(d) performing through the Council under this Act the functions conferred on it by this Act.
(2) The institute shall have perpetual succession and a common seal which shall be kept in such custody as the Council under this Act may from time to time authorise.
(3) The institute may sue and be sued in its corporate name and may, hold, acquire and dispose of any property, movable and immovable.
(4) Subject to the provisions of this Act, members admitted to the institute shall possess adequate knowledge and experience as managers and be enrolled in the category of:
(a) companions;
(b fellows;
(c) members ; and
(d) associates.
(5) Persons accorded status as professional managers by the Council shall be entitled to the use of that name and shall be recorded as :
(a) companions;
(b) fellows;
(c) members; and
(d) associates;
Provided they satisfy all the criteria as stipulated by the Council from time to time as applicable to each grade of membership and as contained in the bye-laws of the Institute.
(6) Every professional member excluding companions are required to attend a number of mandatory continuing professional education programme ( MCPEP)-as specified by the Council and as contained in the bye-laws as a prerequisite to upgrading.
(7) All newly elected members into the grades of Associates and Members shall undergo Membership Induction Programme (MIP) before the confirmation of their election into these grades.
(8) The following are the designated letters for-
(a) Companions of the Nigerian Institute of Management shall be CNIM ;
(b) Fellows of the Nigerian Institute of Management shall be FNIM ;
(c) Members of the Nigerian Institute of Management shall be MNIM ; and
(d) Associates of the Nigerian Institute of Management shall be AMNIM.
(9) Graduates and students registered for training shall become professional members only after satisfying requirements for membership as stipulated in the bye-laws.
(10) Affiliates are companies or individuals with functional working relationship with the Institute.
(11) Corporate members, firm, company, association, institution or other corporate or incorporated body may at the discretion of the Council, be admitted as a Corporate Member and admission as a corporate member shall not confer professional membership of the institute on any member of the company or organisation.