Credit Management: Pres. Buhari set to unveil NICA Act in Lagos

Credit Facility: Pres. Buhari set to unveil NICA Act in Lagos
President Muhammadu Buhari

The President, Major General Muhammadu Buhari (retd) is set to unveil the National Institute of Credit Administration Act No. 1018 to the public in Lagos on the 22nd of November, 2022, a statement from NICA confirmed on Monday.

He had assented to the bill on August 16 in line with his administration’s policy of encouraging and promoting economic growth and diversity.

The governing council of the institute also said it would use the occasion to confer its prestigious Fellowship Award on eminent Nigerians that had distinguished themselves in stimulating the credit economy agenda in Nigeria.

The statement signed for the management by the Registrar and Chief Executive Officer, NICA, Prof Chris Onalo, read, “As no economy grows without the use of credit and there is no example of any advanced society where credit is not in use, the assent of Mr President to the NICA Bill was an unprecedented foundation laid for transition of the Nigerian economy from cash-based to credit-based, a system which will serve as a catalyst for both economic growth and social transformation.

“The National Institute of Credit Administration, now chartered, is a prestigious body of eminent credit management elites in the country. The governing council will use the occasion of Mr. President’s visit to Lagos to unveil NICA (Establishment) Act to confer its prestigious fellowship award on eminent Nigerians that have distinguished themselves in stimulating the credit economy agenda in the country.”

Members of the council are: Andy Ojei (President/Chairman); Dr. (Mrs.) Markie Idowu (Vice President/Vice Chairman); Prof. Chris Onalo (Registrar/CEO); Mrs. Eunice Sampson; Mr. Thomas Imokhai; Dr. Felix Amieyeofori; Owoyemi Alaba; Mrs. Wosilat Adebayo and Dr. Akintoye Akindele.

The Founding Registrar/Chief Executive Officer of the Institute, Professor Chris Onalo had earlier thanked the Buhari administration for making the dream of many years possible after operating without national recognition for three decades, claiming it is gladdening to note that with credit management now into the basket of professions in Nigeria, bad management of trade credit, poor treatment in business credit dealings with SMEs is over, lax financial credit management, abuse of political credit, unprofessional handling of consumer credit are all over.


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