The attention of the Institute of Economists of Nigeria (INEN) has been drawn to the publication of the dubious body called Institute of Chartered Economists of Nigeria (ICEN) in the Nations Newspaper of 6th July, 2010.
In the year 2002, Mr. Balogun Christopher who had an Ordinary National Diploma (OND) in Accounting from the Plateau State School of Accountancy and Management Studies dated 25th June, 1994 registered a business enterprise called “Certified Economists Nigeria” with C.A.C Kaduna Office Registration No: KD 019211. With his blood brother Peter Ikpamejo and his wife Mrs. Dorcas O. Balogun as Directors. Balogun now went ahead and advertised in the media – “Institute of Certified Economists of Nigeria” (ICEN) where he made himself the Director General, and began to address himself as Dr. Balogun, his brother Peter Ikpamejo a school certificate holder (O’Level) Registrar/Secretary General and his wife a school cert holder, National Treasurer of the fictitious body called ICEN and begin to dupe Nigerians un-noticed. It is even interesting to note that Peter a School cert holder in 2004 now address and publish to himself B.Sc, M.Sc, MBA, Ph.D as contained in the Nation – Newspaper of Monday 8th March, 2010.
When this scandal was discovered by duped genuine Economists nationwide, they converged at the University of Ibadan Conference Centre on 11th October, 2003 and decided an action plan against Balogun and his family. Amongst other things decided was (1) the filing and incorporation of “Certified Institute of Nigerian Economists” (CINE) filed on 26th June, 2003 (2) a petition dated 25th July, 2003 to the commissioners of police in Oyo, Ondo, Lagos, Kaduna, Kwara and the Directors of SSS in Oyo, Lagos, Ondo, Kaduna states respectively (3) A court action against Balogun, Peter and the so called ICEN at the Federal High Court in Lagos, suit No FHC/L/CS/989/2003 before (Hon) Justice M.L Shuaibu and at the Federal High Court in Akure, suit No FHC/AK/CS/132/2003 but the cases were struck out because ICEN was not a legal entity (fictitious) (4) A petition was again raised against Balogun and Peter to the EFCC Lagos office in 2004, for fraud and impersonation as a Ph.D holder, petition dated 19th December, 2003 and 26th November, 2004 respectively, to the Chairman of EFCC. The two blood brothers were detained and investigated and the EFCC found out that the duo has no business/pre-requisite in running an Institute of this nature. Shortly after their release, they started newspapers advertisement again and continue to dupe Nigerians.
Meanwhile, the business registration obtained from C.A.C Kaduna office was retrieved, revoked and cancelled by the Corporate Affairs Commission and tagged as deceptive and spurious. A copy of the C.A.C retrieval letter was sent to the EFCC Chairman letter dated 1st September, 2004, Ref. No C.A.C/BN/004/V/84. While CINE was waiting for incorporation filled on 26th June, 2003, the subscribers who are all qualified Economists sent a ‘Bill’ of the Institute to the Honourable Minister of Education in 2004; letter dated 19th November, 2004, in a bid to present the Bill at the National Assembly. The Bill of the Institute was approved by the Federal Ministry of Education and was conveyed for a provisional approval to the Attorney General of the federation, letter of approval dated 4th March, 2005 Ref No. DE/ESS/20/EV.51/24.
The 1st reading of the Bill was on 27th September, 2005 and the 2nd reading was on 7th November, 2006, Bill No SB 2010 as contained in the senate Order paper and the journal of the senate, (Fifth Senate June 2005 & June 2007).
Meanwhile, while we were pursuing these legitimate issues, Balogun and Peter have gone back to the media advertising fake “Institute of Chartered Economists”. It is of note here that it was at the 2nd reading of CINE Bill that the senate insisted that an Institute of this nature must have a C.A.C corporate registration, hence we went back to C.A.C and the Federal Ministry of Education for Accreditation. At this juncture, the 2 organs of government advised and insisted that prominent professors of Economics must be involved as members of the Governing Board of Trustees. At this stage, Professors of Economics from southern and Northern Nigeria, including Dr. Nuhu Abubakar from Fin Bank, Senator James Kolawole and others were involved at council level. The Federal Ministry of Education invited the trustees of the Institute in formation to a meeting in Abuja, letter dated 14th August, 2008, Ref. No. FME/TED/A & E/ANPB/Vol. IV/192 and in attendance were the Directors of Tertiary education department who represented the Honourable Minister of Education. The discussions were centered on the modalities and runnings of the Institute including award of certificates. Following this meeting, a letter was issued to C.A.C dated 26th August, 2008 Ref. No. DE/ESS/20/EV.51/85 which was again sent to the Attorney General of the Federation for ratification by C.A.C.
After all the due process, the name of the Institute was amended and approved as Institute of Economists, Nigeria RC 792172, and the certificate was issued and given to the Institute Legal Adviser on 24th December, 2008 after 6 years of filing registration. Meanwhile, ICEN has been advertising and duping Nigerians. ICEN brought a ‘Bill’ crookedly behind the door and against all due process to the senate in the year 2006, but the bill was thrown out for lack of due process for an unregistered Institute. We want to re-state here that the 2 blood brothers Balogun and Peter have been dragged again to a Federal High Court sitting in Abuja in a suit No: FHC/ABJ/CS/617/2009 by the Institute of Economists of Nigeria for fraud, criminality and libel damages of N50 million. Also joined in the suit are the EFCC and the Inspector General of Police with a mandamus order to investigate ICEN and prosecute them accordingly, contrary to ICEN rejoinder of 6th July in the Nation Newspapers.

Note: All Economists in Nigeria are hereby informed that INEN is the only legitimate Institute of Economists in Nigeria with a Bill at the National Assembly now
Bill No:  SB 413 of 2010, having been re-presented on the senate floor for another 1st reading on 29th June, 2010.

Long live Federal Republic of Nigeria, Long Live Nigerian Economists, Long Live Institute of Economists of Nigeria.

For more details Contact:
Registrar/Chief Executive
Stephen A. Olutoki – 08034550033, 08055047595