Tuesday, 7th May 2024.

CreditEconomy News Interview



Building a befitting national credit management monument with international prestige for the benefit of all stakeholders requires the collective responsibility of everyone.

“This is a time to support a worthy initiative as the National Institute of Credit Administration (NICA) chartered moves to raise funds to build the corporate headquarters for the credit management profession in Nigeria”.

Currently shopping for N6.5billion to build NICA’s Corporate Headquarters in Lagos, the institute’s first phase of fund raising commences with the support of its fellows, members and associates. The global effort in the task is been strategically worked out by the committee of the institute tasked with the responsibility.

Live, it is said, thrives on synergy as no one makes success without the impact of the other. Success is interconnected; everyone is in need of the other.

“Credit providers, credit managers, and credit beneficiaries, whether individuals or cooperates, both nationally and internationally are to rise up at this time, and immortalize credit management profession in Nigeria which in turn will serve Africa”.

The membership platform of NICA is open to any educated person who is working or about to work, managing or owns a business organization that grants credit, provides/supplies credit; that is, person/organization that have ever received or taken credit, be it financial, trade, business, or consumer credit; a person or corporate organization who have expanded, grown, or started a new business using credit; are all welcomed to join the membership of NICA. As a statutory professional body established by the Act of parliament, our mandate is to ensure that our members manage Nigeria’s credit economy professionally and assist the government to transit the economy from cash based to a vibrant, people-centered credit ecosystem.

There is need, urgently too, to have a befitting corporate headquarters with global standard for the central, supervision, and regulation of credit management profession, maintaining a strong credit economy advocacy activity with relentless professionalism in Nigeria, serving ultimately the interest of Africa. In advanced economies, there are national credit management monuments for the credit management profession.

“With the dew of green credit economy falling on Nigeria, the cloud gathering momentum and the rain looming to fall, now is the time for Nigeria and Africa to own an edifice that is comparable with what exists in other developed countries”.

This is NICA’s major project that everyone should be part of, from the Federal Government to the State governments, down to corporate organizations and influential and affluential individuals.

At one point in time or the other, many businesses and individuals have used credit to advance business expansion, achieve business growth and sustainability. The success recorded by the modern economy globally is as a result of the role played by the use of credit.

We are all surrounded by different kinds of credit, such as those obtained when people go for financial credit, which is borrowing from lenders; businesses also use trade credit which involves collecting goods and products with the promise to pay for those supplies at the end of a specific time period to stimulate economic growth; consumer credit, to say the least, is the turning point for a people-centered economic system which promotes consumption, financial inclusion, and industrialization.

As credit management profession is taking its rightful place in Nigeria, and by extension African continent, now is time to think beyond the ordinary. The National Institute of Credit Administration (NICA) is established by Law to create the pathway and drive the process.

Part of the strategies to commence the first phase of the fund raising, which will come from Fellows, Members and Associates of the institute include mandatory contributions as listed below:


Fellow (FICA)

A Fellow who is a GMD/CEO                                                                      N600,000

A Fellow who is a business founder/an entrepreneur                           N500,000

A Fellow who is an MD/CEO                                                                      N400,000

A Fellow who is an executive director                                                      N300,000

A Fellow who is a GM                                                                                 N250,000

A Fellow who is a DGM                                                                              N200,000

A Fellow who is a CRO                                                                               N170,000

A Fellow who is a CFO/AGM                                                                     N170,000

A Fellow at other levels                                                                              N150,000


Member (MICA)

A member who is a credit manager or similar position                       N120,000

A member who is a credit controller or similar position                      N120,000

A member at other levels                                                                          N80,000


Associate (AICA)

An associate at whatever level                                                                N70,000


To immortalize name, major donations in cash and kind (Land, building materials, minimum cash donations of N20m e.t.c) are welcome. Such donors will have their names immortalized on the different halls in the building or outside the building as necessary.


For more enquiries on donations, kindly contact:

Email:       ceo@icanigeria.net

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