Onalo, who expressed worry over increasing level of unremitted credit obligations in the system, said it was important to remind businesses and individuals obligated to one another to discharge such obligations as soon as possible.
The ICA boss said that the Institute has set aside the month of April as “Pay Your Bills” month, and expressed hope that the campaign would see billions of money paid back to their rightful owners.
“What this means is that everyone indebted to someone is reminded of such obligation, business to business, individual to individual, government to corporate organization, corporate organizations to government, and government to government.
It is symbolic, reminding everyone indebted to pay something, money, credit, invoice, etc which you are owing the next person. It may not be all the credit obligations but you make conscious effort to pay something,” said the professor of Credit Management.
It would be recalled that the president of ICA Governing Council, Dr. Adetunji Oyebanji, had last October launched the institute’s
“National Pay Your Bill Campaign,” and called for a deliberate policy thrust to ensure quick payment of confirmed invoices from micro, small and medium enterprises (MSMEs). Dr. Oyebanji, who is also the Managing Director of NIPCO Plc, said subjecting MSMEs to long delays in making payments to them could be injurious to their businesses as the sector is fragile, having no easy access to fund due to lack of collateral.
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