Tuesday, 28th May 2024.

CreditEconomy News Interview

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National Institute of Credit Administration (NICA) Act.




Business leaders, every elite and educated person is invited to join the membership of the National Institute of Credit Administration (NICA) either as a Fellow, Member or Associate by direct entry.

“The National Institute of Credit Administration (NICA) is the premier, not-for-profit professional body in charge of credit management education and professional development in Nigeria. The Institute was formed in 1992 under the name: “Institute of Credit Administration –ICA” and became chartered by the Act of Parliament No.26 of 2022”.

Given its uniqueness, we pride the Institute as the most prestigious body of eminent credit management elites, business leaders and corporate gurus empowered by law to control, regulate and supervise credit management profession in the country.

Modern economies around the world described credit as the life wire and energy source of any stable and expanded economy, as no economy exists without credit. Indeed, Credit is the heartbeat of any national economic and social development; yet credit is easily broken or damaged, quickly frightened as it is very sensitive; it is infinitely ramified, diversified, extending everywhere, touching everything and affecting the life of everyone. Progressively, credit has done more to enrich the wealth of nations than any other occupation or economic growth system.

“The Institute in a bid to enhance its capacity to deliver on its statutory mandate has since embarked on an ambitious Credit Management Research Centre (CMRC) project with international and continental relevance for the benefits of all stakeholders in the credit industry. This is a good news that we think aligns with the vision of every credit granting, lending or provider- organization”.

The unique focus of the Credit Management Research Centre (CMRC) is to engage in a research, education and training programme that combines professional certifications rigour at all levels of credit management activities, ranging from financial credit, trade credit, business to business credit, consumer credit, MSMEs credit, informal sector credit and even below informal sector credit.

“The Institute is doing this collaboratively with credit industry players by creating and disseminating knowledge that goes hand in hand with building relationships with the credit providers and policy makers. Ultimately, we are targeting to establish a leading and internationally recognized centre for research, education, certification, training and expertise in credit management, credit economy growth and credit default rate in Nigeria and Africa”.

We are of the opinion that this project which is already ongoing when completed will not only aid the drive of the Institute’s goals, but also serve as a credit management research, education and training centre covering Nigeria and African continent designed to protect and promote the integrity of credit business and credit administration across national sectors.

“We are confident that the statutory mandate of NICA as espounded in its Act No 26 of 2022 is in line with the goals of business organizations in relation to their commitment to global sustainable economic development and human capital capacity building. It is our core belief as an economic development professional Institute that life strives in synergy as we all need the impact of one another to succeed”.

Relevantly, NICA is a huge resource for businesses of all sizes and industries, educated persons in all fields seeking to manage credit risk and administration efficiently, and to understand the art and science of credit and how it impacts on individuals, family and society.

“In view of this, all persons working, managing or own a business organization that grants, provides, receives or utilizes credit; be it financial, trade, business to business, or consumer credit or have at any point in time employed credit for the expansion of their business are enjoined to register as members of NICA”.

Section 4(2) (a) provides that the Institute shall “register and regulate credit management professional service activities, and control and supervise their activities with a view to maintaining proper standards of conduct and acceptable credit administration practices”.

Section 2(3)(f) of the NICA Act provides for “corporate membership of the Institute, which shall include business or commercial credit grantors, corporate bodies and such other organizations or associations duly admitted by the institute”.

Section 25(2) of the NICA Act also provides that; “if, on or after the coming into effect of this Act, any person not being a member of the Institute who practices or holds himself out to practice as a member of the Institute, for or in expectation of reward, takes, or uses, or uses any name, title, addition or description implying that he is in practice as a member of the Institute, commits an offence.”

Section 25(6) states that “where an offence under this section is committed by a body corporate and is proved to have been committed with the consent or connivance of or to be attributable to any neglect on the part of any director, manager, secretary or other similar officer of the body corporate or any person purporting to act in any such capacity, he as well as the body corporate are deemed to have committed that offence and are liable to be proceeded against and punished accordingly.”

“NICA membership serves as a hub for business and social networking, collaborating among credit professionals and eminent business elites.  This is achieved through the credit virtual learning classroom, annual national credit managers conference, regular business networking forum, credit round table, just to mention but a few”.

Lastly, it is empirical to state that the National Institute of Credit administration needs the membership inclusions of both individuals and corporate organizations in order to improve on credit management activities in Nigeria and Africa, gearing its professional members towards training and certifications in various areas of credit management.

We are very optimistic that an increase in the green credit economy programme will lead to an increase in economic development in Nigeria and African continent which will invariably lead to more investments in the long run.

“It is worthy to note that we have hosted a number of individuals who are not only successful in their fields but notable financial and economic analysts, business entrepreneurs who have commented on the impact of credit accessibility to national and continental economic growth and development in Africa. Some of these articles and open forum discussions/interviews can be found on our official website on www.icanigeria.net with a click on “interviews”.

To also know more about the institute, you can visit our website on www.icanigeria.net or reach out to us on the following contact details +2349161603117; +2348034030160. Alternatively, you can email us on eatoceo@icanigeria.net ; ceo@icanigeria.net

We look forward to having you join the institute’s elite members. Kindly send as soon as possible your current resume/profile along with a recent passport photo to the Institute’s Membership Screening Committee on registrar@icanigeria.net to enable the committee appraise your application.  The approval of the committee will be communicated to you which will indicate the Council’s approved direct entry fees that should be paid.

Please note that response to this interview should be addressed to the Registrar/Chief Executive Officer of the Institute through the email address ceo@icanigeria.net or his official mobile number on +234 803 403 0160

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