NICA CEO MEETS OLATUNJI AKINWUMI, FICA-EXECUTIVE DIRECTOR, CORPORATE SERVICES AND CHARLES EBEREONWU, FICA, COUNTRY COMMUNICATIONS MANAGER, TOTAL ENERGIES NIGERIA.

Tuesday, 5th June 2024.

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“NICA CEO MEETS OLATUNJI AKINWUMI, FICA-EXECUTIVE DIRECTOR, CORPORATE SERVICES AND CHARLES EBEREONWU, FICA, COUNTRY COMMUNICATIONS MANAGER, TOTAL ENERGIES NIGERIA”.

The meeting started with an exchange of pleasantries between NICA staff and Mr. Olatunji Akinwumi, FICA.

Prof. Chris Onalo intimated him of the chartered status of the institute which was granted in 2022 to give the institute statutory powers, flowing from its 1992 previous name “Institute of Credit Administration-ICA”.

“Mr. Olatunji Akinwumi, FICA, stated that for every credit there is a need for people to have viable collateral and wanted to know how NICA intends to help in ensuring that credit is well managed in Nigeria”.

 To this, Prof. Chris Onalo responded that there is need to split credit into informal sector credit, consumer credit, business credit, even down to large credit where collateral is not a problem. He noted that studies have shown that even the informal credit sector honors credit obligations more than the larger credit sector that seem to have collateral and other robust credit qualifying measures.

He also stated that for a typical Nigerian who lacks collateral to qualify for credit, there is a need to gather through Bank Verification Number (BVN), National Identification Number (NIN), driver’s license, International Passport, etcetera, and that when a mechanism is brought in to harmonize these unique personal identification platforms and successfully manage the process, with all information provided becoming traceable. He noted that this however requires a comprehensive restructuring of the polity and an outlined process which will eventually lead to a virile credit system with integrity playing the cornerstone.

“The professor also emphasized the need for the establishment of a credible national credit guarantee scheme that will cater for the much neglected Micro, Small and Medium Enterprises in the country. According to him, any government that ignores the role played by any MSME in any economy is simply postponing the economic gloomy days. “Whether we accept it or not, empowering the MSMEs in the country is the most pragmatic option to powering Nigerian economy. Let the MSMEs have access to credit and you will see the wonders that Nigerian economy will deliver to the world, and I think the present federal government of Nigeria is seriously working in this direction”, he said.”

He further explained that so far, NICA is working tirelessly through strong advocacy and collaboration with critical stakeholders to ensure credit accessibility, affordability and ethical management of credit in the country. As an independent body not funded by the government, the Institute has been able to maintain a resolute and dogged commitment to moving Nigerian economy from cash based to credit ecosystem.

The professor of Credit Management reiterated that having Mr. Olatunji Akinwumi, FICA, as a Fellow member of the institute is a big strength to the institute. He went ahead to intimate his host of the Institute’s project to erect an edifice which will house the credit management

profession in Nigeria and Africa with a well-equipped research and education center, which has led to the institute reaching out to all category of its members, corporate organizations and individuals to support the project. Everybody will be involved because credit economy affects everybody.

“Mr. Olatunji Akinwumi commended the efforts of the institute and encouraged the institute to reach out to every member of the Institute and solicit their supports.”

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