National Institute of Credit Administration of Nigeria has underscored the need to enforce laws that will ensure decency, discipline and honesty in the country’s credit system
Speaking with newsmen, yesterday, the Registrar/Chief Executive Officer, NICA, Prof Chris Onalo, noted that many advanced countries had been able to develop their credit system through the implementation of credit laws.
Onalo said: “For us to have a developed credit system, we need to do things right. We need enforcement of the right laws that will instil decency, discipline, honesty and truthfulness.
“For example, in other climes, there are laws relating to lending, honesty in business, and acceptable approaches to debt collection arising from credit agreements.
“There are laws that spell out punishment if you default in honouring your obligations. There are establishments of courts that adjudicate over those laws to ensure that the defaulting party is punished.”
While noting the relevance of credit accessibility in the country, he said, economic restructuring would set the tone for political restructuring.
The professor explained that to restructure the economy and make Nigeria an attractive business investment and leading destination, there was a need to put in place those institutional frameworks that come out to promote honesty in integrity as a way of life.
