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Tag: NICA

  • NICA mulls collaboration amongst government’s economic transition team

    NICA mulls collaboration amongst government’s economic transition team

    • By Oreoluwa Oluga

    The National Institute of Credit Administration (NICA), chartered, has impressed on ministries, departments and agencies (MDAs) on the need to build a synergy of cooperation amongst government officials.

    Making this appeal recently was Prof. Chris Onalo, Registrar/Chief Executive Officer, NICA.

    In a statement signed on behalf of the body, Prof. Onalo said, “As the Federal Government transitions the economy to the much-needed credit-based system, NICA is advocating for an approach that is crucial to the best interest of the people and the country.

    “To achieve this, cooperation, collaboration, and consultation amongst government agencies, ministries, and departments, as well as their officials is a fundamental prerequisite for achieving great success. It will ensure that the intended programmes and policies are significantly aligned and capable of reducing the risk of conflicting regulations and unintended consequences.”

    The NICA boss said, “Therefore, consultation with various stakeholders, including relevant industry experts, civil society, and critical stakeholders in the private sector is important and helps to build trust such that the needs and concerns of all stakeholders are taken into account.”

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    While noting with satisfaction the effort of the Federal Government to reorganise the economy to accommodate citizens’ participation, Onalo advised that the process must totally discard the proverbial expression of “old wine in a new bottle” which means the blend of old and new ideas is the way to go.

    “A civilised collaboration for national necessities does not always result in a demand for self-compensation or aggrandizement. We are all one people, a member of one nation; together we build a great nation for ourselves and our children and future generations. In this regard, NICA is recommending an increased transparency, open communication, and accountability thereby making it easier to track progress.

    “By working together for the overall interest of Nigeria, the government must ensure that its officials working with independent experts identify and mitigate potential risks associated with the transition to a credit-based economy. Flowing from the laid premise, disposition to collaboration, consultation, and cooperation enables government officials to pool resources, expertise, and knowledge in order to achieve the desired result for the much-needed national credit economic cohesion at this crucial time in Nigeria. Working in silos is as dangerous as holding down Nigeria from progressing in economic development.”

    According to him, “By adopting a collaborative, consultative, and cooperative approach to implementing this government initiative, it is a call to transparency for government officials, relevant statutory professional bodies, and private sector leaders to work together to build a robust and sustainable credit-based economy that benefits all segments of our society.”

  • Multinationals, banks, others not supporting MSMEs enough – NICA

    Multinationals, banks, others not supporting MSMEs enough – NICA

    The National Institute of Credit Administration (NICA) chartered, has expressed concern over the inadequate support that Micro, Small, and Medium Enterprises (MSMEs) receive from multinational corporations, financial institutions, and other key stakeholders in the Nigerian economy. Despite their critical role in driving economic growth, job creation, and national development, MSMEs continue to struggle with limited access to credit, unfavourable lending conditions, and insufficient financial backing from major players in the business and financial sectors.

    In a statement issued on behalf of the Institute by Prof. Chris Onalo, Registrar/CEO of NICA, he stated matter-of-factly that the survival and expansion of MSMEs are increasingly dependent on the willingness of the government, financial institutions, and big corporate entities to create an enabling environment. Lamentably, he said, “Banks’ long-standing reluctance to offer flexible loan options and stringent collateral requirements and multinational corporations and other big business conglomerates’ general apathy toward integrating MSMEs into their value chains have significantly stifled small businesses’ growth potential in Nigeria.”

    Citing a recent economic reports of how MSMEs contribute over 50% of Nigeria’s Gross Domestic Product (GDP) and account for more than 80% of employment opportunities, Prof. Onalo said, however they continue to face significant challenges, including unfair treatment by larger businesses, limited access to structured credit, delayed invoice payments, and insufficient patronage from banks, multinational corporations, and large enterprises. These obstacles hinder their ability to scale and compete effectively in both local and international markets.

    Besides, he said beyond credit access, financial institutions, multinational corporations, and other large conglomerates also fail to support MSMEs by patronising their businesses.

    “Rather than engaging MSMEs for procurement and service contracts, they prefer dealing with large corporations or those owned by insiders in top management positions. This practice deprives MSMEs of essential business opportunities and stifles competition in the economy. The federal government is advised to put legislation in place to check this trend.”

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    A thriving MSME sector, the Don stressed, depends not only on credit availability and accessibility but also on business opportunities.

    He said, “When banks and multinationals overlook small businesses in their supply chains, they inadvertently contribute to the sector’s stagnation. NICA calls for a policy framework in this regard. Even in cases where large corporations and financial institutions engage MSMEs, invoice settlement delays of 30, 60, or even 90 days are commonplace, an internal payment policy that appears detrimental to the growth of small businesses.

    “MSMEs rely on prompt settlements of their invoices to maintain cash flow and operational stability. Delayed settlements can lead to liquidity challenges, making it difficult for small businesses to meet other business obligations – reinvest in operations or pay salaries.”

    To foster a more inclusive economic and financial ecosystem, NICA therefore recommends amongst others equitable procurement practices, prompt invoice settlement policy, stronger advocacy, Antitrust Law Legislation Enforcement, capacity building and mentorship programmes to mention just a few.

    NICA, he stressed, “Remains committed to advocating for a robust credit and financial system that supports businesses of all sizes. We urge financial institutions, multinationals, large conglomerates and policymakers to take decisive action to ensure that MSMEs receive the oxygen, i.e., credit and financial backing, business opportunities, and mentorship they require to flourish. A thriving MSME sector translates to a stronger economy, increased jobs and wealth creation, and sustainable development for all.”

  • NICA to unveil credit economic forum

    NICA to unveil credit economic forum

    The National Institute of Credit Administration (NICA), chartered, is set machinery in motion to officially unveil to the Local and global community the Nigeria Credit Economic Forum (NCEF), a pioneering platform designed to address challenges, share insights, and drive innovations in Nigeria’s credit ecosystem.

    This annual event will bring together leaders from the federal and state governments’ credit facilitation agencies, corporate and consumer credit providers/grantors, foreign credit investment organisations, export credit agencies, formal and informal credit using entrepreneurs, cooperative/thrift credit union or societe operators, and academic community to explore transformative solutions for creating a more inclusive and resilient, people-centered credit economy.

    According to the Chief Executive of NICA, Prof. Chris Onalo, the goal of the forum is to provide and promote actionable insights, foster collaborations that strengthen Nigeria’s credit infrastructure, and other corporate and consumer credit enabling systems.

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    “The Nigeria Credit Economic Forum (NCEF), conceived to follow the pattern of the World Economic Forum (WEF), is expected to generate the same momentum across Africa and the world, serving as a platform to drive Nigeria’s economy away from the long-standing cash-based system to a robust credit-based economy. This forum will parade the heartbeat economic leaders, expected to pioneer this transition.

    “We expect a large pool of participants in the annual gathering, including policymakers (i.e., federal and state governments), business owners, entrepreneurs, managing directors, CEOs, industry experts, critical stakeholders (credit providers/grantors, facilitators, organisations providing credit ancillary services, insurance companies, organised private sector, foreign trade and investment credit partners, local blue chip companies, NGOs promoting access to credit, local and foreign media, professional associations, diplomatic communities, local and foreign development finance and credit guarantee institutions, among others.”

  • Why Fed Govt endorsed credit management as national profession –NICA boss

    Why Fed Govt endorsed credit management as national profession –NICA boss

    Practitioners of credit management in the country can now heave a sigh of relief as the Federal Government has duly recognised it as a national profession, The Nation can authoritatively report.

    Giving this hint at the weekend was the Chief Executive/Registrar of the National Institute of Credit Administration (NICA), Professor Chris Onalo.

    The doyen of Credit Management in Nigeria, in a statement signed on behalf of the Institute revealed that, “Credit management profession was recently proclaimed “a national profession” by the Federal Government of Nigeria with qualifications in Credit Management unveiled as nationally recognised, the National Institute of Credit Administration (NICA), chartered effectively is the supervisor and regulator of credit management profession in Nigeria in full accord with the NICA Act No 26 of 2022.”

    Pressed further, he said, “This development has formally and officially recognised the credit administration management profession in Nigeria. Credit Management now holds an esteemed place in the nation’s economic and academic landscape. Members of NICA now enjoy elevated credibility and respect in both the private and public sectors, as their expertise is considered a citadel to economic growth and development. This new standing enhances their professional authority, affirms the value they bring to organisations, and solidifies the role of credit management as indispensable to a sustainable national and international economic development agenda.

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    “NICA’s federal recognition also empowers the institute to influence national economic transitioning policies, regulations, and standards, enabling NICA members and credit granting/providing communities   to actively participate in developing frameworks that secure the country’s economic resilience. This growth will create vast opportunities for NICA members to contribute as credit economy consultants, advisors, managers, and educators, supporting organisations that prioritise strong credit practices and the stability of the national economy.

    “Additionally, NICA’s recognition and the recent proclamation of credit management by the Federal Government as a nationally recognised profession gives NICA members, credit using entrepreneurs, business directors, managers, and educated persons in the country a competitive advantage when engaging with international bodies, as part of an institute respected by national and global entities. NICA members are now better positioned to leverage their expertise and pursue opportunities on an international stage. We are excited about the journey ahead for NICA and the immense benefits to current and future members who are committed to advancing and participating in credit economy management in Nigeria, Africa, and the rest of the world.”

    He therefore enjoined business owners, entrepreneurs, managing directors, CEOs, top management officers, new entrants, top executives, and subordinates in both public and private institutions, as well as lecturers and graduates of tertiary institutions, and all educated individuals with a minimum of HND/BSc or above to join NICA by Direct Entry.

    “Upon induction of any person as a holder of NICA professional membership qualification, such a person will immediately commence NICA Member’s Mandatory Credit Management Academic Improvement Programme (MCMAIP). The programme is conducted by NICA’s accredited Postgraduate School of Credit and Financial Management (PSCFM), totally online, every two (2) Saturdays of the month, for a period of six months.”

  • NICA unveils global membership initiative

    NICA unveils global membership initiative

    Nigeria’s foremost credit management professional body, the National Institute of Credit Administration (NICA) chartered, has announced a global strategy for its membership expansion to the United Kingdom, Europe, United States of America, and Canada.

    In statement signed by Prof. Chris Onalo,  Registrar/Chief Executive Officer of NICA, he said, “The Strategic Membership Initiative (SMI) document which largely focuses on attracting membership of Nigerian professionals in the diaspora is aimed at enhancing and creating competitive advantage for Nigerians, and indeed Africans working and living in the UK, Europe, Canada and America.

    “Riding on the economies of these countries that traditionally are credit driven, NICA believes that a recognised professional qualification and certification in credit management will significantly enhance the prospect of employability and career progression of Nigerians and Africans working in credit management roles at different levels”

    Being a chartered professional regulatory body established by the law, NICA, Prof Onalo stressed,  is effectively recognised and legally positioned to operate like other global professional bodies to control, supervise and regulate credit management profession, as well as award professional qualifications and certifications in the field of credit management.

    In his recent visit to the United Kingdom, the NICA boss reportedly had extensive discussion with the UK’s premier London Postgraduate Credit Management College (LPCMC), primarily to forge partnership for the delivery of NICA’s global membership initiative plan.

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    The meeting, it was learnt,  was fruitful and the two specialist Institutions for credit management are set to implement the novel vision.

    By attaining professional membership of the National Institute of Credit Administration (NICA), members have the opportunity to participate regularly in informative roundtable discussions with a view to sharing concerns about credit management procedures and techniques.

    Membership of NICA cuts across virtually every industry where credit is used to sell more goods and services across economic and social borders.

    Section 1(2) (d) of NICA Establishment Act commits the Institute to enhance, promote and protect the interest of business credit providers and grantors.

    Also, as the only nationally recognised body of expertise for all matters relating to the credit management profession, NICA is responsible for setting professional and ethical standards and awarding professional qualifications in credit management. That includes testing, and assessing any person who wishes to become a member of the Institute.

    With the robust curriculum that NICA has developed for the study of credit administration, the Institute is ready to train Nigeria, Africa, and global credit management workforce for the attainment of a focused academic and professional qualifications, skills certification and continuous capacity development of people in credit management; thus preparing individuals for credit management functions in the global credit management labour market.

  • Obasanjo, others for NICA 30th anniversary dinner

    Obasanjo, others for NICA 30th anniversary dinner

    The National Institute of Credit Administration (NICA) chartered has hinted of plans to celebrate its 30th anniversary as well as its chartered status, NICA Act number 26 of 2022 which conferred on it the power to control, supervision and regulation of the profession of credit management in Nigeria.

    In a statement signed by Professor Chris Onalo, Registrar/Chief Executive Officer of NICA, he said this occasion also holds particular significance as it marks the first time the Institute members are uniting to shoulder the responsibility that its founding father has borne for the credit industry in Nigeria.

    According to him, the event, scheduled to hold at The Podium Lekki on October 25, 2023, brings together prominent individuals within and outside the Institute including former President of the Federal Republic of Nigeria, Chief Olusegun Obasanjo, CEOs of corporate organisations both in the public and private sectors of the present economy and past governments of the federation, parliamentarians, judiciary, representatives of sub national authorities, and all the eminent fellows of the Institute, with a singular purpose to engage in meaningful interactions, share ideas about the mandate of the Institute, and serve as catalyst for the transition of economy from cash-based to a vibrant credit system.

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    “It’s a moment to recognise outstanding contributions and for the members to collectively embrace the future of their own Institute. What’s more? The NICA, is adjudged the 3rd largest statutory credit management professional body in the world after the United States of America and the United Kingdom; and in fact, the Institute is fast becoming a global leader and the only professional body in the whole world in terms of curriculum spread and learning longevity for the study of credit management at high, higher and highest levels.

    “This means that NICA’s curriculum is the broadest, all encompassing, super robust study framework for credit management profession when compared with others countries in the world.

    “This is no doubt the most auspicious opportunity for the officials of Nigeria’s new federal and state governments for networking among different eminent personalities from different jurisdictions of human life.”