■ 26TH June 2025 – 10:30AM

■ New Members Induction

NICA’S PRESIDENT’S OPENING SPEECH TO THE JUNE 2025 INDUCTION OF NEW MEMBERS

Distinguished guests, esteemed members of NICA, and honored new inductees, I am delighted to welcome you to this induction ceremony of the National Institute of Credit Administration (NICA) chartered. As President and Chairman of the Council, I am proud to lead this esteemed Institution.

“Credit management is crucial for economic growth, stability, and development. A well-functioning credit economy enables businesses to thrive, creates opportunities for individuals, and fosters financial inclusion.”

NICA was established through the Act of Parliament Number 26 of 2022 to promote best practices in credit management, and our statutory mandate is to control, regulate and supervise the profession in Nigeria.

Our governing Council is empowered to ensure that NICA meets its objectives, and our Board of Fellows comprises distinguished professionals who have made significant contributions to the field.

“As part of our commitment to excellence, every member of the Institute must enroll in our six-month Mandatory Credit Management Academic Improvement Programme (MCMAIP). This program equips members with across-the-board knowledge and skills in credit administration and management which are necessary for the fundamental understanding of a credit based economy. We are committed to ensuring that each member of NICA is well able to defend his/her membership qualification.”

I urge individuals and institutions to support NICA in its mission to develop a strong credit economy in Nigeria. We pledge to assist various stakeholders, including the Federal Government in achieving this goal. Our vision is to internationalize credit management profession, fulfilling the dream of our Founder, Professor Chris Onalo, who has been instrumental to the development of credit management profession in Nigeria spanning over three decades.

I acknowledge the leadership of our Institute’s Governing Council Members, whose dedication and expertise have been invaluable. Together, we can build a robust credit economy that benefits Nigeria and the global community.

“October 22nd, 2024, marks a monumental milestone for the National Institute of Credit Administration (NICA) and the credit Management Profession in Nigeria. Following the NICA Act Number 26 of 2022, the Federal Government of Nigeria officially proclaimed:”

1. Credit Management as a recognized National Profession in Nigeria.

Qualifications and certifications in Credit Management issued by

NICA as nationally recognized, and

The National Institute of Credit Administration (NICA) as the

chartered regulator and supervisor of the Credit Management Profession in Nigeria, in full accordance with the NICA Act No. 26 of 2022.

This historic recognition solidifies NICA’s pivotal role in driving professionalism and excellence in credit management across our nation. We must celebrate this achievement and work together to uphold the highest standards that come with this honor.

Following the induction protocol as either a Fellow (FICA), Member (MICA), or Associate (AICA) of the Institute by direct entry, the candidate will immediately enroll for the NICA Member’s Mandatory Credit Management Academic Improvement Programme (MCMAIP) which has earlier been communicated in addition to its publication on the Institute’s website.

Moreover, upon successful completion of MCMAIP programme, our enrollees’ knowledge of Credit Management would have become more extensive. There will be a noticeable improvement in their professionalism and knowledge dissemination in matters pertaining to credit management anywhere in the world.

“While we train people to become “CREDIT Professionals”, they are also well informed of the ethical and professional standards which they must strictly adhere to after their induction. As an esteemed professional body recognized at the national level, we cannot function properly without keeping a watchdog eye on the Professional Conduct of the Institute’s members.”

In this respect, I am pleased to inform you that the Institute has developed a Professional Code of Ethics and potent Bye Laws that govern the operational activities of the Institute.

Be warned that NICA is resolutely committed to the enforcement of the Code of Professional Ethics, as well as ensuring that its Bye Laws are fully complied with. Kindly visit the Institute’s website at www.icanigeria.net and download a copy of the Professional Code of Ethics and Bye Laws for your study.

There is also a professional certification programme package which runs for 24 months after MCMAIP has been concluded. Both programmes are conducted virtually by the Postgraduate School of Credit and Financial Management (PSCFM) every two Saturdays of the month, covering their respective duration.

I am pleased to inform you dear Fellows, that today, upon your induction, you shall automatically become a member of the Institute’s Board of Fellows (BOF). The principal activity of the BOF is essentially to assist, influence and help government and economic development policy makers with freshly sourced quarterly economic growth roadmap for the development of Nigerian economy.

Congratulations to our new members! I look forward to working with you to achieve our shared goals.

Thank you.

Mr. Andy Ojei, FICA
President of the Council
National Institute of Credit Administration