NICA visits Masters Energy, promotes credit-based economic growth

In a strategic effort to foster a credit-driven economy and enhance collaboration with the private sector, members of the Governing Council of the National Institute of Credit Administration (NICA) paid a courtesy visit to the Lagos headquarters of Masters Energy Group on August 25, 2025.

During the visit, the President of NICA’s Governing Council, Mr. Andy Ojei, FICA, emphasized the Institute’s vital role in regulating and professionalizing credit management in Nigeria. He noted that NICA, founded over 30 years ago, achieved chartered status through the unwavering commitment of its founding pioneer, Prof. Chris Onalo.

“We are the National Institute of Credit Administration. Our mandate is to regulate the credit management profession and elevate it as a recognized career path in Nigeria. Admission is open to all professionals engaged in credit-related functions,” Ojei stated.

Welcoming the NICA delegation, the Group Managing Director of Masters Energy Group, Mrs. Patience Dappa, who represented the Group President, Dr. Uchechukwu Ogah, expressed optimism about the potential for deeper collaboration.

“This visit will foster more collaboration between us. You will share your vision, and we will share ours. We believe this engagement will add value to our community. Many of us are already part of your Institute, so it’s a privilege to welcome you,” she said.

Speaking on the Group’s business evolution, Executive Director of Operations, Mr. Felix Eribo, highlighted Masters Energy’s impressive growth. He explained that since its inception in 2005 as an oil and gas company, the Group has diversified into sectors including logistics, dredging, industrial manufacturing, microfinance, insurance brokerage, Bureau De Change, and aviation among others.

NICA’s Registrar/CEO, Prof. Chris Onalo, commended Masters Energy for its significant contributions to Nigeria’s credit economy. He praised the company’s achievements, its NICA-affiliated staff, and its commitment to delivering products and services that improve the quality of life for Nigerians.

Prof. Onalo also highlighted the recent establishment of the National Credit Guarantee Company (NCGC) as a major milestone, resulting from more than 30 years of advocacy by NICA.

“This initiative lubricates the engine of economic growth, facilitating expansion, development, job creation, and higher productivity,” he said. “For over three decades, we’ve championed a credit-based system that empowers entrepreneurs. That vision is now becoming reality, and we commend the Federal Government for supporting a credit-driven culture.”

He added that, with the right leadership, Nigeria is poised to lead Africa’s industrial revolution and unlock its vast economic potential.

In closing, Executive Vice-Chairman of Masters Energy Group, Mr. Ajala Vincent, expressed appreciation to the NICA team and described the Institute as “a place worthy to belong.” He expressed hope that the visit would lay the foundation for stronger collaboration and mutually beneficial partnerships between both organizations.