ICSAN Professional Programme II - Governance: Public, Private and Not-for-Profit (Nigeria)

Under the Public Procurement Act 2007, which body is responsible for approving contract awards that exceed the approval limit of a Federal Ministry's Ministerial Tenders Board?

• AThe Federal Executive Council (FEC)
• BThe Bureau of Public Procurement (BPP)
• CThe National Assembly Procurement Committee
• DThe Infrastructure Concession Regulatory Commission (ICRC)

The Fiscal Responsibility Act 2007 requires the Federal Government to prepare the Medium-Term Expenditure Framework (MTEF) for how many financial years?

• AOne financial year
• BThree financial years
• CFive financial years
• DTen financial years

What is the primary governance objective of the Treasury Single Account (TSA) policy implemented by the Federal Government of Nigeria?

• ATo decentralize revenue collection across commercial banks to support private sector liqu…
• BTo consolidate all government revenues in a single account at the Central Bank of Nigeria…
• CTo eliminate the requirement for Ministries, Departments, and Agencies (MDAs) to prepare…
• DTo allow the Ministry of Finance to directly disburse funds to political parties without…

Under the Constitution of the Federal Republic of Nigeria 1999 (as amended), public officers are required to declare their assets to the Code of Conduct Bureau at what intervals?

• AAnnually on or before December 31st of every calendar year
• BUpon taking office, at the end of every four years, and at the end of their term of office
• COnly once during their entire career in the public service
• DEvery ten years of active public service

According to the Freedom of Information (FOI) Act 2011, a public institution must respond to a request for access to information within how many days of receiving it?

• A3 days
• B7 days
• C14 days
• D30 days

Which body is legally mandated to regulate, monitor, and facilitate Public-Private Partnership (PPP) agreements entered into by Federal Ministries, Departments, and Agencies in Nigeria?

• AThe Bureau of Public Enterprises (BPE)
• BThe Infrastructure Concession Regulatory Commission (ICRC)
• CThe Financial Reporting Council of Nigeria (FRCN)
• DThe National Planning Commission (NPC)

Under the Nigerian Civil Service Rules and Financial Regulations, who is designated as the 'Accounting Officer' of a Federal Ministry?

• AThe Honorable Minister
• BThe Permanent Secretary
• CThe Director of Finance and Accounts
• DThe Auditor-General for the Federation

To which organ of government is the Auditor-General for the Federation required by the 1999 Constitution of Nigeria to submit public audit reports?

• AThe President of the Federal Republic
• BThe National Assembly
• CThe Federal Judiciary Council
• DThe Ministry of Finance

What is the primary constitutional mandate of the Federal Civil Service Commission (FCSC) in Nigeria?

• ATo audit public sector accounts and publish financial reports
• BTo recruit, promote, and discipline federal civil servants
• CTo resolve conflicts between the executive and legislative arms of government
• DTo formulate national economic development plans and budgets

In a Nigerian federal parastatal, who is responsible for the day-to-day administration and execution of board policies?

• AThe Chairman of the Governing Board
• BThe Director-General or Chief Executive Officer (CEO)
• CThe Company Secretary
• DThe supervising Minister of the Ministry

Under the Public Procurement Act 2007, what certificate must be obtained from the Bureau of Public Procurement (BPP) before a major contract can be presented to the Federal Executive Council for award?

• ACertificate of Financial Viability
• BCertificate of 'No Objection' to Contract Award
• CCertificate of Procurement Readiness
• DCertificate of Technical Compliance

What is the primary administrative goal of the Integrated Payroll and Personnel Information System (IPPIS) in the Nigerian public sector?

• ATo negotiate salary increments with public sector unions
• BTo centralize civil service recruitment and promotion examinations
• CTo centralize salary payments, eliminate payroll fraud, and eradicate ghost workers
• DTo manage pension payments for all public sector retirees

Which agency is responsible for preparing the annual draft federal budget estimates before they are approved by the President and presented to the National Assembly?

• AThe Central Bank of Nigeria (CBN)
• BThe Budget Office of the Federation
• CThe Revenue Mobilization Allocation and Fiscal Commission (RMAFC)
• DThe Federal Inland Revenue Service (FIRS)

Under Sections 88 and 89 of the 1999 Constitution of Nigeria, what is the primary purpose of the National Assembly's power to conduct legislative investigations?

• ATo prosecute and sentence public officials accused of corruption
• BTo expose corruption, inefficiency, or waste in the execution of laws and administration…
• CTo veto judicial appointments made by the National Judicial Council
• DTo directly manage and award contracts for federal infrastructural projects

Which body is constitutionally mandated in Nigeria to determine the remuneration packages appropriate for political office holders, including the President, Governors, and Ministers?

• AThe Federal Civil Service Commission (FCSC)
• BThe National Salaries, Incomes and Wages Commission (NSIWC)
• CThe Revenue Mobilization Allocation and Fiscal Commission (RMAFC)
• DThe Salaries and Wages Committee of the National Assembly

Which legislative committee in Nigeria is constitutionally tasked with examining the public accounts of the Federation and reports submitted by the Auditor-General?

• AThe Committee on Finance
• BThe Public Accounts Committee (PAC)
• CThe Committee on Appropriations
• DThe Committee on Anti-Corruption and Financial Crimes

The Federal Character Commission (FCC) is constitutionally established to enforce which of the following principles in Nigeria?

• AEnsuring that all public service jobs are awarded strictly based on standard written exam…
• BEnsuring equitable distribution of public service posts and socio-economic amenities amon…
• CMaintaining the records of moral conduct and ethical declarations of public officials
• DSupervising the financial transactions and budget expenditures of the 36 states

Which software and financial technology gateway was selected by the Federal Government of Nigeria to power the collection of all receipts under the Treasury Single Account (TSA) policy?

• AInterswitch Webpay
• BRemita
• CPaystack
• DFlutterwave

According to the Code of Conduct for Public Officers (Fifth Schedule of the 1999 Constitution), full-time public officers are strictly prohibited from engaging in which of the following activities?

• AFarming and agricultural activities
• BAny business, trade, or profession other than farming
• CJoining a registered trade union or professional body
• DInvesting in government treasury bills or bonds

What is the primary mandate of the Bureau of Public Service Reforms (BPSR) established in 2004?

• ATo prosecute corrupt civil servants and recover stolen public assets
• BTo initiate, coordinate, and monitor reforms in the civil and public service to improve e…
• CTo organize election logistics for civil service union representatives
• DTo act as the primary payroll paymaster for all federal employees

Under Section 404(3) of the Companies and Allied Matters Act (CAMA) 2020, what is the statutory composition of the Audit Committee of a public company in Nigeria?

• ASix members, consisting of three executive directors and three non-executive directors
• BFive members, consisting of three representatives of the shareholders and two non-executi…
• CThree members, all of whom must be independent non-executive directors
• DSix members, consisting of four directors and two external audit firm partners

According to the Nigerian Code of Corporate Governance (NCCG) 2018, what is the recommended policy regarding the leadership of the Board of Directors?

• AThe Chief Executive Officer (CEO) should double as the Chairman of the Board to ensure un…
• BThe Chairman of the Board should be an Independent Non-Executive Director (INED) or a Non…
• CThe Chairman must be the largest individual shareholder of the company
• DThe Chairman must be a serving government official appointed by the Corporate Affairs Com…

Which category of companies is legally required to appoint a Company Secretary under the Companies and Allied Matters Act (CAMA) 2020?

• AEvery registered company in Nigeria, including small private companies
• BOnly public companies, while private companies are generally exempt unless required by th…
• COnly companies listed on the Premium Board of the Nigerian Exchange (NGX)
• DOnly companies with foreign shareholding or multinational affiliations

Under Section 305(1) of the Companies and Allied Matters Act (CAMA) 2020, to whom do directors of a company owe their primary fiduciary duty?

• ATo the majority shareholders who elected them
• BTo the company as a whole, representing its interests
• CTo the financial creditors and commercial lenders of the company
• DTo the Corporate Affairs Commission (CAC) and relevant regulatory bodies

According to the Nigerian Code of Corporate Governance (NCCG) 2018, what is the recommended minimum number of Independent Non-Executive Directors (INEDs) for the board of a public company?

• AAt least half of the total board membership
• BAt least one Independent Non-Executive Director
• CAt least three Independent Non-Executive Directors
• DThere is no recommendation for INEDs if the CEO is not the Chairman

Section 332 of CAMA 2020 specifies qualifications for the Company Secretary of a public company. Which of the following is NOT a statutorily recognized qualification for this role?

• AA member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN)
• BA legal practitioner enrolled in Nigeria or a chartered accountant (ICAN/ANAN)
• CA university degree holder in Business Administration or Public Administration with no co…
• DAny person who has held the office of secretary of a public company for at least 3 of the…

Under the Nigerian Code of Corporate Governance (NCCG) 2018, how often should an evaluation of the Board, its committees, individual directors, and the Chairman be conducted?

• AEvery six months, facilitated by internal auditors
• BAnnually, with an external facilitator appointed at least once every three years
• COnly when there is a decline in company profitability or a regulatory audit query
• DOnce every five years, as part of the CAC license renewal process

What is the legal definition of a 'derivative action' under the Companies and Allied Matters Act (CAMA) 2020?

• AAn action brought by directors to sue a shareholder for unpaid share capital
• BAn action brought by a shareholder in the name and on behalf of the company to enforce a…
• CA regulatory lawsuit filed by the Corporate Affairs Commission to dissolve an insolvent c…
• DAn out-of-court settlement between competing directors to resolve a board dispute

Under Section 241(1) of the Companies and Allied Matters Act (CAMA) 2020, what is the default minimum notice period required for calling an Annual General Meeting (AGM)?

• A7 days
• B14 days
• C21 days
• D28 days

Which of the following registers is a registered company in Nigeria NOT statutorily required to keep at its registered office under CAMA 2020?

• ARegister of Members
• BRegister of Directors' Shareholdings
• CRegister of Competitors' Market Share and Prices
• DRegister of Secretaries

Under the Nigerian Code of Corporate Governance (NCCG) 2018, how should the remuneration of Non-Executive Directors (NEDs) be structured to safeguard their independence?

• AThey should be paid primarily in stock options linked to short-term share price performan…
• BThey should receive only sitting fees and basic directors' fees, and should not participa…
• CThey should be paid commission on the volume of sales contracts they personally negotiate…
• DTheir remuneration should be identical to the salary and bonus structure of Executive Dir…

Under the Companies and Allied Matters Act (CAMA) 2020, what is the legal status and role of the Company Secretary in a corporate entity?

• AA mere administrative clerk with no legal authority to represent the company
• BAn officer of the company with fiduciary duties to the company, whose acts can bind the c…
• CA member of the board of directors with voting rights on all board resolutions
• DAn external independent contractor who has no legal relationship with the company

Under Section 306 of CAMA 2020, what is a director required to do if they have a personal interest in a transaction or contract being considered by the company's board?

• ANothing, provided the transaction is at market value
• BDisclose the nature and extent of the interest at a meeting of the directors
• CResign from the board of directors immediately before the contract is signed
• DTransfer their shareholding to a trust to hide the conflict of interest

According to the Nigerian Code of Corporate Governance (NCCG) 2018, who should compose the Board committee responsible for determining director remuneration?

• AOnly Executive Directors to ensure they understand management market rates
• BOnly Non-Executive Directors, a majority of whom should preferably be independent
• CA mixture of major shareholders, labor union leaders, and executive directors
• DAn equal number of company directors and external recruitment consultants

Under the Nigerian Code of Corporate Governance (NCCG) 2018, which body has the primary responsibility for ensuring a succession plan is in place for the Chief Executive Officer and other Executive Directors?

• AThe Corporate Affairs Commission (CAC)
• BThe Board of Directors, through its nomination committee
• CThe company's external audit firm
• DThe Federal Ministry of Industry, Trade and Investment

Which regulatory body is established in Nigeria to administer the Companies and Allied Matters Act (CAMA) and regulate the registration and winding up of companies?

• AThe Securities and Exchange Commission (SEC)
• BThe Corporate Affairs Commission (CAC)
• CThe Financial Reporting Council of Nigeria (FRCN)
• DThe Nigerian Exchange Group (NGX)

Under CAMA 2020, who is responsible for appointing the first external auditors of a newly incorporated company in Nigeria?

• AThe shareholders at the first Annual General Meeting
• BThe Board of Directors, at any time before the company begins business
• CThe Corporate Affairs Commission (CAC) upon registration
• DThe Auditor-General for the Federation

Under the Nigerian Code of Corporate Governance (NCCG) 2018, what is the maximum recommended tenure for an external audit firm before mandatory rotation is required?

• AThree consecutive years
• BFive consecutive years
• CTen consecutive years
• DThere is no limit on firm tenure, provided the lead audit partner is rotated every three…

According to the Nigerian Code of Corporate Governance (NCCG) 2018, to ensure independence, to whom should the head of the internal audit function report functionally?

• AThe Managing Director or Chief Executive Officer (CEO)
• BThe Board Audit Committee
• CThe Chief Financial Officer (CFO)
• DThe External Auditor

Under the NCCG 2018, what role should institutional shareholders play in the corporate governance of companies in which they invest?

• AThey should avoid participating in AGMs to prevent undue influence on minority shareholde…
• BThey should act as stewards and actively engage with companies to promote long-term value…
• CThey should collude with executive management to approve director salary increases withou…
• DThey should run the day-to-day operations of the company through nominee managers

Under Part F of the Companies and Allied Matters Act (CAMA) 2020, what is the legal structure used to register a non-governmental organization (NGO) or charity in Nigeria?

• AA Private Unlimited Company
• BAn Association with Incorporated Trustees
• CA Cooperative Society Limited by Shares
• DA Public Sector Parastatal Corporation

Under CAMA 2020, before registering an association with Incorporated Trustees, the trustees must publish a notice of application in how many daily newspapers?

• AOne national newspaper only
• BTwo daily newspapers, one of which must circulate in the locality where the association i…
• CThree local newspapers representing the three major Nigerian languages
• DNo publication is required under CAMA 2020 to speed up registrations

Under the Companies Income Tax Act (CITA) of Nigeria, what is the tax status of an association registered with Incorporated Trustees?

• AIt is automatically exempt from all taxes, including VAT, WHT, and customs duties
• BIt is exempt from income tax on profits derived from activities of a public character, bu…
• CIt is subject to standard company income tax (30%) on all donor revenues and subscriptions
• DIt is completely exempt from filing tax returns with the Federal Inland Revenue Service (…

According to Section 850(2) of the Companies and Allied Matters Act (CAMA) 2020, what must happen to the remaining assets of an association of Incorporated Trustees upon its dissolution?

• AThey must be shared equally among the trustees and founding members of the association
• BThey must be transferred to some other institution or institutions having similar objects…
• CThey automatically forfeit to the Corporate Affairs Commission (CAC) as administrative fe…
• DThey must be sold at a public auction and the proceeds donated to political parties

Which of the following individuals is statutorily qualified to be appointed as a trustee of an Incorporated Trustees association under CAMA 2020?

• AA person who has been convicted of an offence involving fraud or dishonesty within five y…
• BAn undischarged bankrupt
• CA 45-year-old certified professional with no record of criminal conviction
• DAn infant under the age of 18

In a well-governed NGO, which of the following describes the correct division of roles between the Board of Trustees and the Executive Director/CEO?

• AThe Board of Trustees runs day-to-day operations, while the Executive Director provides q…
• BThe Board of Trustees focuses on governance, fiduciary oversight, and strategic direction…
• CThe Executive Director has absolute authority to amend the constitution without consultin…
• DThere is no distinction, as the Executive Director must also serve as the Chairman of the…

Under what circumstances can trustees of a registered association in Nigeria be held personally liable for the debts of the NGO?

• AWhenever the NGO runs out of funds to pay its standard employee salaries
• BWhen the trustees act ultra vires, commit breaches of trust, or engage in fraudulent acti…
• CUnder no circumstances, as incorporation provides absolute personal immunity for all acti…
• DWhen the NGO fails to win competitive international donor grants