Buhari unveils NICA Bill to strengthen credit administration in Nigeria

President Muhammadu Buhari will, tomorrow, in line with his administration’s policy of encouraging and promoting economic growth and diversity, unveil to the public the National Institute of Credit Administration (Establishment) Act No 1018 of 2022, which he signed into law on August 16, 2022 at Four Points by Sheraton Hotel, Victoria Island, Lagos State.

President and Chairman of Council, National Institute of Credit Administration (NICA), Andy Ojei, disclosed this at the weekend to newsmen, saying the unveiling of NICA by the President will further boost the institute and what it stands for.

Ojei said further: “Now that the Institute is signed into law as NICA, the impact will be bolder, forthright, and it’s now a different ball game. The Act now gives us the power to regulate the practice of credit management and credit administration in the country.

“Also, it gives us the right to organise training that is geared towards capacity development in the area of credit management and credit administration. It also gives us the right to regulate any person that desires to set up any business that has to do with credit administration, even as we are saddled with the responsibility to ensure that such practices are done with high level of professional competence and integrity.”

According to him, “this is important, as we all know that 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 is an unprecedented foundation laid for transition of Nigerian economy from age-long cash-based to modern credit-based economy, a system which will serve as a catalyst for both economic growth and social transformation.”

Also at the unveiling, the Governing Council of the Institute will confer honourary fellowship award on some eminent Nigerians, in recognition of their commitment to the growth and development of the economy.

They are: Lagos State governor, Babajide Sanwo-Olu; Kogi State governor, Yahaya Bello; Taraba State governor, Darius Ishaku; Osun State governor, Isiaka Oyetola and the Chairman of Newcross and Pan Ocean Group of Companies, Dr. Festus Alani Fadeyi.