Credit doyen, Onalo, applauds Buhari for NICA Act
Nigeria’s credit management doyen, Prof. Chris Onalo, has commended President Muhammadu Buhari for signing into law and making the Institute of Credit Administration (ICA) an Act of the National Assembly.
With the President’s assent, the ICA Act, which was signed into law on August 16, the institute is now known as the National Institute of Credit Administration (NICA), Act No. 1018 of 2022.
Onalo thanked Buhari for making the dreams of many years possible after operating without national recognition for decades. He also expressed appreciation to all those who worked tirelessly and whose support made the vision a reality.
He said: “Our institute is now a chartered prestigious body of eminent credit management elite, charged with the national task of controlling, supervising and regulating credit management and credit administration profession in Nigeria, ensuring and maintaining integrity, honesty and ethics in the credit management profession.
“It will also serve as a national body of expertise for all matters relating to credit management, setting professional standards and awarding professional qualifications in credit management, testing, and assessing those who wish to become members, while enhancing, promoting and protecting the interests of business credit providers and grantors.
“The institute will further encourage and advance education and practical training and research into credit management profession, helping to foster effective credit administration, among others.”
He added that anyone who has ever given, taken, or managed business credit, financial credit, political credit, consumer credit, cooperatives and thrift societies, “or any person who, in the course of performing his or her duties has influenced or is likely to influence the process of a business or economic policy drafting engagement that can or may lead to credit availability, credit accessibility, creditworthiness determination and default recovery, credit risk modelling and mitigation; such a person is fit and proper to become a member of NICA.”