08/12/2025
WELCOME ADDRESS BY PROF BALOGUN CHRISTOPHER OMINYOFE FCE, DIRECTOR-GENERAL/CEO OF THE INSTITUTE OF CHARTERED ECONOMISTS OF NIGERIA, ON THE OCCASION OF THE 50TH ASSOCIATE MANDATORY INDUCTION PROGRAMME AND THE 30TH AND 17TH CONFERMENT OF FELLOWS AND PFD HOLDING TODAY, THE 6TH OF DECEMBER 2025.
PROTOCOL
It is my great pleasure to welcome you all. I am thrilled that your membership in the Institute of Chartered Economists of Nigeria is not by accident but a planned and dedicated event, because we all know that economics is the lifeblood of any country. This year's conference and induction ceremony is marked by celebration and the fulfillment of our dreams. Nevertheless, some still have questions. For instance,
i. What is the Institute all about?
ii. And of what significance is it?
iii. What is the overall objective?
iv. Can economics be considered as a Chartered body? and many more.
It is, however, not likely that all such questions can be answered at a time, but the good thing to note is that we have succeeded in putting many minds on the path of inquiry. Curious minds will eventually get answers to their questions. Remember, the book of all wisdom says, “Seek, and ye shall find.”
ESTABLISHMENT OF ICN:
Established by the Trade Marks Act, Section 22 (3) Regulation 65, CAP 436 Law of the Federation of Nigeria 1990; RTM: 70407 and gazetted by the House of Representatives in 2012, to authenticate its legality, wider coverage, and acceptability in Nigeria, with the following additional responsibilities:
i. Provision of education to Nigerians.
ii. Provision of training.
iii. Provisions of entertainment.
iv. Provision of Sporting and Cultural activities.
The purpose of this new registration is to protect the ‘name, Logo, The ICEN’, its operational objectives, Members, and to have it gazetted at the Federal level. Moreso, to protect it from professional vendors in our society from duplication. No other organization/Institute shall have a similar name or objectives within and outside Nigeria. We sincerely appreciate our legal teams and the Director-General for their insightful guidance. The only recognized Institute of Chartered Economists of Nigeria is the ICEN. Congratulations to all members for their support; without you, ICEN would not exist. We would also like to take this moment to express our gratitude to God Almighty and every board member for victory No. 1.
ICEN possesses all the rights, privileges, and immunities that any other professional association of similar status can claim. The Institute of Chartered Economists of Nigeria (ICEN) was officially founded in 1998 and launched for the first time in Kaduna, Nigeria, on August 27, 2002. Initially, the membership was quite small, but over the years, it has grown significantly. Therefore, if you are qualified for membership in ICEN, consider yourself chosen to contribute to the service of our country and to help ICEN achieve its numerous noble objectives.
OUR ACHIEVEMENTS
In the history of our great country,
i. The institute is in full collaboration with the ICPC and the EFCC to fight against money laundering and other related financial crimes within and outside the country.
ii. ICEN certificates are well accepted by several organizations within and outside Nigeria today.
iii. We have secured a larger representation in governments, both at the local, state, and federal levels.
iv. Those of our members who hold ICEN certificates and have travelled overseas are being given full recognition and acceptability and, at the same time, are being used to further their education overseas.
v. We are in collaboration with Rudolph Kwanue University College (RKUC), Liberia.
vi. We are in collaboration with Ballsbridge University, the British Virgin Islands, Birland, Cracao, and Dominica.
vii. We are in collaboration with Entek. And several government agencies.
PARTICIPATION IN ICEN PROGRAMMES AND PAYMENT OF YEARLY DUES
All ICEN members:
i. Students
ii. Associate
iii. Fellow
iv. PfD
are encouraged to attend all our Mandatory Continuing Professional Education Training (MCPET) at all times, and to pay their yearly dues at the appropriate time (1st of January each year). These yearly dues keep the institute alive. Please, let us build the ICEN that can stand the test of time.
EXPECTATIONS AND HOPE FROM EVERY MEMBER
The expectation of the Board of Regents of the ICEN from you, the newly inducted class of December 2025 qualifiers, is:
i. To play a better role in all governments if allowed.
ii. Show your professional prowess by supporting the government in achieving its economic forecasts.
iii. To provide the needed solutions to the myriad of economic quagmires confronting the country.
iv. To reach out to the government in the best way you can to improve the various economic policy formulations.
v. To work with various government departments in Nigeria by acting as economic consultants and advisers.
vi. Involved seriously in pure research and investigation to improve the masses' welfare.
vii. To assist the EFCC and ICPC in money laundering matters if found or aware of in your operational circles.
viii. Building a bridge around the current Administration and the governors of our states, economically and criticize when necessary, and not by fighting the government on the pages of papers and social media.
ix. To assist the unemployed ICEN members with jobs when the opportunity arises or any vacant position in your establishment or place of engagement.
POLICY AND REFORM OF THE GOVERNMENT
I sincerely appreciate the various government policies and reforms implemented over the years. While it is true that many of these reforms may not be environmentally friendly for the people of Nigeria, this does not necessarily imply that they are harmful. It is often said that within every bitter experience, there is a sweetness at the end. The removal of the fuel subsidy, though executed hastily, remains one of the best decisions for the Nigerian people. Any other leader in a similar position could have made the same choice if elected.
Considering the hardships and suffering faced by the Nigerian people, as well as the constant rise in the cost of living, I hope the President will actively work to alleviate this pain. This task may not be easy, but we should recall how economists were often labeled as "stingy" before the establishment of the ICEN. If Mr. President is perceived as stingy with his reforms and policies, we, as economists, should commend him for demonstrating sound economic principles.
It is important to recognize that solutions can only be pursued when problems exist. Now that we are facing significant challenges, the crucial question is: how can we provide effective solutions? Calling for Mr. President's Head or removal would not ameliorate the problems. It will only aggravate the current situation at hand. I encourage everyone to reflect on how we can support Mr. President and his team in addressing the severe economic hardship and suffering experienced by our people.
PURPOSE OF ICEN
We must all understand that ICEN was never established to exploit Nigerians or vie for superiority over other professions. Instead, its purpose is to bridge the gap between Accountants and Economists. We aim to take the Chartered Economists from the four walls of the universities into the field of practice, enabling them to conduct technical analysis, research, and other economic activities for the nation's development.
Aligned with our government’s slogan, "Renew Hope," I firmly believe that a better Nigeria is achievable under this administration. I urge Nigerians not to lose hope. Rebuilding a collapsed structure is a far more challenging task than demolishing a standing one. The issues we face today are the result of years of decay.
As professional Chartered Economists, please maintain your faith; a brighter future for Nigeria is within reach. With the promise of a better Nigeria, it is evident that the best team the current government can collaborate with to achieve its goals is you, the Chartered Economists.
We therefore encourage our members to take action that will enhance the image of ICEN and the Nigerian government. This is a crucial time when the nation needs all of us. I assure you that with the involvement of Chartered Economists in leadership and decision-making, Nigeria can overcome its economic challenges.
DEFEND YOUR ICEN
Dear esteemed members,
I call upon each of you to champion our institute, the ICEN, wherever you find yourselves. Whether at the market, in the office, or on the bustling streets of Nigeria, stand firm in defense of the ICEN. Among other associations and professional institutions, let our voices rise in support of this great organization. On campus and beyond, in government offices and private businesses, always advocate for the ICEN.
Every encounter is an opportunity to defend and promote our institute. Even when alone, introduce the ICEN to someone new—because if you do not advocate for it, who will?
I assure you that, as a founder member and advocate, I will dedicate myself to elevating the ICEN to unparalleled heights in our profession. This is not a time for division; this is our moment to elevate ‘The Chartered Economists’ as the guiding force for our nation and the world.
Join us and align yourself with the victorious team of the ICEN Board of Governors as we thrive under the inspirational leadership of our dedicated President, Dr. (Mrs.) Veronica Okolo, FCE, DBA. Ignore any naysayers who claim that the ICEN is not legitimate. After all, we are the original professional body for economists, founded in 1998, and we have proudly grown for 27 years here in Nigeria. We will remain steadfast, undeterred, and fully committed to taking the Chartered Economist to the apex in Nigeria and beyond!
GENERAL GIFT
The gift of creative imagination and intellectual strength or gigantism is not limited to a select few; it is a natural endowment shared by all. Instead of holding yourself back with self-defeating beliefs, actively participate in initiatives that can elevate the economic landscape of your society. You will experience a deep sense of fulfillment when you recognize how your efforts can help ICEN achieve its goals and objectives.
ICEN advocates for generosity and open-heartedness, encouraging you to invest in productivity that benefits our community. The outdated notion that studying Economics means an unwillingness to share needs to be dispelled. Our role is to support the government and provide constructive feedback to our leaders rather than criticizing them in newspapers and on social media.
I urge all ICEN members to come together in offering our leaders the best economic advice available, laying the groundwork for the Nigeria we all aspire to build. Together, we can achieve our shared dreams and contribute to a prosperous future.
Conclusion
I would like to speak to the operators of professional institutions in Nigeria, that we are eager to welcome any of them who appreciate the good works of the Chartered Economists. We are not anyone's adversary, nor are we a source of problems to any. We have a clear vision and mission: to promote economists and ensure their acceptance and recognition by other professional institutions and organizations worldwide.
We kindly invite our esteemed colleagues in the Nigerian Economic Society to come to the ICEN, a notable professional Chartered Economists world-leading organization. We do not believe in monopolizing the profession; rather, we support the principle of division of labour. Membership in the ICEN is open to all members of NES, as we aim to include every Nigerian in our SOCIETY.
Our pursuit of government registration reflects our commitment to protecting our name and logo from duplication by other individuals or organizations. Together, we can achieve greatness.
Ladies and gentlemen, in computer jargon, there is a saying, "garbage-in, garbage-out." It means that what you put into this institute is what you will get. I hope you have and will learn at least one thing from yesterday's conference and today's induction and convocation. If you believe in keeping ICEN alive and wish to support the quick passage of our chartered bill in the national assembly, please extend your hands of financial fellowship to the institute.
Thank you, and God bless us all!
Prof Christopher Ominyofe Balogun, FCE+, FCDipl (UK), FBQS, FBU, FIMC, CMC, JP
Distinguished University Professor
Group Director General/CEO
