The presidency is set to unveil the National Institute of Credit Administration (Establishment) Act No 1018 of 2022, which was signed by President Muhammadu Buhari on August 16, 2022. The establishment of the institute is aimed at encouraging and promoting economic growth and diversity in the country.
President and Chairman of Council, National Institute of Credit Administration (NICA), Andy Ojei, disclosed: “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.