NICA seeks key role for Chris Onalo in Nigeria’s credit infrastructure
National Institute of Credit Administration NICA
Nike Popoola
The National Institute of Credit Administration (NICA) has called on the Federal Government to formally recognise and appoint Professor Chris Onalo as Chief National Credit Officer, citing his pivotal role in shaping Nigeria’s modern credit system.
In a statement, NICA described Prof. Chris Onalo as the “architect of Nigeria’s credit infrastructure,” noting that his decades-long advocacy and policy contributions culminated in the enactment of the National Institute of Credit Administration Act No. 26 of 2022.
The Act formally established credit management as a chartered profession in Nigeria and designated NICA as the sole statutory body responsible for its regulation. It also criminalises the practice of credit administration by unlicensed individuals or institutions.
According to the institute, successive governments have increasingly adopted key elements of Onalo’s long-standing proposals, including the establishment of credit-related institutions designed to expand financial inclusion and strengthen economic productivity.
NICA recalled that at the 2024 National Credit Managers Conference in Lagos, the Federal Government—represented by Vice President Kashim Shettima—officially recognised credit management as a national profession and affirmed the institute’s regulatory authority under the law.
The institute further noted that President Bola Ahmed Tinubu had, in his inaugural address, pledged to promote a credit-driven economy as a strategy for tackling corruption and enhancing economic inclusion—an agenda NICA said aligns directly with Onalo’s long-standing vision.
Despite these developments, NICA expressed concern that Onalo has yet to be formally integrated into the leadership of the very institutions his ideas helped inspire.
“It is a matter of professional and national concern that the architect of Nigeria’s credit system does not have a seat at the table,” the statement said.
The institute warned that failure to fully institutionalise professional credit management could expose the economy to systemic risks, particularly amid the rise of digital and non-traditional lending platforms.
It emphasised that improper credit administration—especially by unlicensed operators—could undermine financial inclusion and lead to increased defaults, reputational damage, and economic instability.
To address these concerns, NICA urged the government to establish a dedicated Office of the Chief National Credit Officer and mandate regulatory agencies, including the Central Bank of Nigeria, to enforce compliance with the Act across all credit-granting institutions.
The institute also called on banks, fintech firms, and microfinance institutions to align their operations with the law by engaging licensed credit professionals.
“Credit is the lifeblood of any modern economy,” the statement concluded. “In the hands of professionals, it drives growth; in the hands of the unlicensed, it creates risk.”
