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Nigeria’s credit management doyen, Prof. Chris Onalo, has commended President Muhammadu Buhari for signing into law an Act of the National Assembly creating the National Institute of Credit Administration (NICA) making the Institute of Credit Administration (ICA) a nationally recognised entity.
Onalo said with the President’s assent, the institute is now known as the National Institute of Credit Administration (NICA), Act No. 1018 of 2022.
Professor Chris Onalo, who is also the founding Registrar & Chief Executive Officer of the Institute thanked the Buhari administration for making the dream of many years possible after three decades of operating without national recognition.
He also expressed appreciation to all those who worked tirelessly to make the vision a reality.
According to him, bring ing credit management into the basket of professions in Nigeria was a tough one, given that bad management of trade credit, poor treatment in business credit dealings especially with SMEs is now over. He noted that the era of lax financial credit management, abuse of political credit, unprofessional handling of consumer credit has gone finally for good.
The Institute is enabled to promote the integrity and weigh the capacity of government to borrow for economic development against the backdrop of internal creditworthiness of the overall economy.
He pointed out that handling any form of credit management or credit control functions will naturally require a person to be academically and professionally qualified through capacity building skills and development programmes. With the robust curriculum modules already developed for the study of credit management by the Institute, Nigeria is set to attain academic and professional qualifications in credit administration that prepares its citizens for credit management functional positions in the labour market of credit industry, both nationally and internationally.
The National Institute of Credit Administration (NICA) is the collaborative partner that employers in the credit industry need in order to hold their credit analysts, credit controllers, credit managers, directors of credit, to mention but a few, accountable in cases of unethical credit management conduct or abuse of office.
