The inspiring and courageous journey of Prof. Chris Onalo- Mentor, Pioneer Reformer
Registrar/ Chief Executive Officer of the National Institute of Credit Administration (NICA) chartered, Prof. Chris Onalo
By Faka Emmanuella Uwamire
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Professor Chris Onalo, Registrar and Chief Executive Officer of the National Institute of Credit Administration (NICA), chartered, stands as a towering figure in Nigeria’s credit management landscape. A man whose vision, courage and relentless drive have redefined how the nation perceives credit and economic trust.
For over three decades, Prof. Onalo has championed the transformation of Nigeria from a predominantly cash-based economy into a structured, credit-conscious society. Born in Elele-Ibaji, Kogi State, and proudly of the Igala speaking group, his career stands as proof that unwavering conviction, sustained by resilience and purpose, can drive meaningful national transformation.
Prof. Onalo’s self-sponsored academic and professional journey reflects an enduring commitment to knowledge and excellence. He holds a Bachelor’s Degree in Credit and Financial Administration from Sussex College of Technology, United Kingdom (1986), and a Bachelor of Arts in Christian Education from Hawaii University, United States of America (2005).
He also obtained a Master’s Degree in Credit Administration from the International University of Panama (2010), a Ph.D. in Credit Administration from the same institution in (2014), and a Certified Postgraduate diploma in Credit and Financial Management (2019) from the Postgraduate School of Credit and Financial Management (PSCFM), Nigeria.
In 2015, he was officially conferred with the professorship of Credit Management by several foreign universities- the International University of Panama, Azteca University, Mexico, and the American University in London.
His other professional qualifications include an Advanced Diploma in Journalism from Times Journalism Institute, Lagos (1993), an Associate Membership of the Institute of Credit Management, United Kingdom (1985), certification as a Postgraduate Credit Management Examiner from the London Postgraduate Credit Management College, UK (2012), and a Fellow of the National Institute of Credit Administration (NICA), chartered, Nigeria (2022).
A scholar of remarkable distinction, Prof. Onalo’s exposure to global credit systems through seminars and conferences across Europe, United Kingdom, United States of America and Africa has deepened his understanding of credit administration management and inspired his lifelong mission to adapt international best practices to Nigeria’s realities, driving the growth of the credit economy and fostering professionalism in credit management.
In addition to his scholarly achievements, Prof. Onalo is a seasoned lecturer at the Postgraduate School of Credit and Financial Management (PSCFM), Nigeria; Azteca University, Mexico; and the London Postgraduate Credit Management College, UK.
He also teaches at the National Institute of Credit Administration (NICA)’s Mandatory Credit Management Academic Improvement Programme (MCMAIP); a well-crafted programme for the institute’s members, validating/authenticating their membership, as well as its professional certification programme. His lecture courses cuts across Credit Administration Management, Credit guarantee scheme operations, Consumer credit and all other core components of credit management, where he continues to mentor and inspire emerging credit management professionals, credit-using business owners to fully comprehend credit economy ecosystem.
A columnist, researcher, writer and credit management lecturer, extraordinary, Prof. Chris Onalo began advocating for credit economy management from the early 1990s. His dream was ahead of its time. Nigeria’s economy was overwhelmingly cash-driven, with little attention to transiting the national economy to a credit model. Yet, he pressed forward tenaciously, convinced that access to credit and managing credit effectively was the key to economic growth and national stability.
Through self-motivation and determination with foresight, he founded the Institute of Credit Administration (ICA), which later evolved into the National Institute of Credit Administration (NICA), chartered. His consistent advocacy, stakeholders’ engagement and legislative pursuit spanned more than sixteen years before culminating in the passage of the NICA Establishment Act number 26, of August 2022. That achievement cemented his place as pioneer, founder and Father of credit management profession in Nigeria. Reflecting on the journey, Prof. Onalo said, “With just conviction and determination, we ventured into the uncharted world of credit economy and made a way where there was none.”
At the heart of Prof. Onalo’s advocacy lies a simple but powerful belief that no nation can achieve sustainable development without a functioning credit system.
There is no example of any developed economy where there is abundance of jobs, wealth and attractive standards of living without the use of credit. He argues that access to credit builds trust, promotes honesty and integrity, accountability, and opportunity.
“A credit-based economy will address Nigeria’s mounting debt, poverty and create a culture of trust, honesty, integrity and financial inclusion,” he often stresses. Through NICA, he has consistently promoted consumer and business credit, credit information infrastructure, and financial credit literacy.
Prof. Onalo’s leadership is grounded in integrity, ethics and professionalism. Under his guidance, NICA has become synonymous with ethical credit management practice and continuous professional development. He believes every credit professional must uphold transparency and sound judgment when evaluating customers capacity and character to determine credit-worthiness.
Prof. Chris Onalo is a quiet and humble individual who exhibits a unique balance of introverted and extroverted qualities, allowing him to be both reflective and engaging in various contexts. His calm and modest nature often conceals a depth of insight and determination that fuels his leadership. He listens more than he speaks, but when he does, his words command attention, clarity, and respect.
He possesses a gentle authority that inspires loyalty, discipline and purpose in those around him. His rare ability to be both introspective and charismatic enables him to connect meaningfully with people at all levels — from boardrooms to classrooms — fostering trust, teamwork, and intellectual curiosity.
Beyond his role as a credit economist and administrator, Prof. Onalo is a teacher and mentor whose influence extends deeply into the lives of those who work with him. The staff of NICA speak of the rare privilege of being guided by a leader who is not only visionary, hardworking but also personally invested in their growth.
He constantly challenges his team to learn, innovate, and excel, shaping them into disciplined, confident professionals. For him, mentorship is not an act of duty but a lifelong calling. His emphasis on learning, ethics and diligence has built a culture of excellence within the Institute, making NICA not just a professional body but a training ground for the next generation of leaders.
Under Prof. Onalo’s leadership, NICA has evolved into a respected professional regulatory institution and the backbone of Nigeria’s credit management profession.
Events such as the monthly Credit Managers Roundtable, Nigeria Credit Industry Awards and National Credit Managers Conference have become vital platforms for dialogue, recognition and policy advocacy. Through his writings, lectures, public engagements and mentorship, he continues to inspire credit management professionals, credit-using business owners and policymakers to embrace a disciplined, credit-driven mindset. His vision has turned credit administration management into a recognized profession canonized by law, proclaimed by the federal government, a monumental contribution to Nigeria’s economic growth and system identity architecture.
In recognition of his outstanding leadership, and enduring contributions to global economic development, Professor Chris Onalo was appointed (2016), to be the Honorary Consul of the Republic of Malta in Nigeria by the Government of Malta.
This was an exceptional meritorious honor reserved for individuals of proven integrity, distinction, and global impact. This international recognition underscores Professor Onalo’s towering reputation as a bridge-builder between nations, advancing collaboration, trade relations, and intellectual exchange in areas of credit economy, enterprise growth, and ethical financial practice.
The appointment by the Maltese government under the United Nations diplomatic Charter (The appointment of an honorary consul is governed by the Vienna Convention on Consular Relations (VCCR) chapter III (Articles 58-68), which establishes that a sending state must get consent from the receiving state, known as an exequatur), this reflects not only Prof. Onalo’s influence beyond Nigeria’s borders, but also his lifelong commitment to promoting trust, business partnership, integrity, and professionalism in economic governance.
This symbolizes the world’s acknowledgment of a man whose vision and moral strength continue to inspire transformation across continents, affirming his place among the rare class of distinguished global personalities who embody excellence, diplomacy, and service to humanity. However, and sadly too, his appointment was not endorsed by the Nigerian government for reasons he chose to keep private.
He invested time, effort, energy and other resources for credit management profession to become a recognized occupation in Nigeria and Africa; after close to four decades of rigorous journey, Prof. Onalo finally achieved the self-imposed national economic development task. Should he not be recognized?
Professor Chris Onalo is eminently qualified to receive national, industry, and Professional accolades to demonstrate how much Nigeria, credit industry and Professional associations value his chain of contributions to the development of Nigerian economy and the life of its citizens.
He is indeed a visionary and respected leader with profound pioneering spirit; a trailblazer, champion of excellence and distinguished founding Father of Credit management profession in Nigeria, who has not only maintained a staunch advocacy, but worked tirelessly for the transition of Nigeria’s economy to a credit based model since 1992. Prof. Onalo is indeed Nigeria’s true patriot, an ambassador, determined to do his country good.
From humble beginnings in Elele-Ibaji Kogi State, Nigeria to international recognition as a scholar and reformer, Prof. Chris Onalo’s journey exemplifies resilience, purpose and service. His unwavering belief in a credit based economic system continues to shape Nigeria’s future prosperity and inspire those privileged to work under his guidance. To many within and beyond the credit industry, Prof. Onalo is not just a leader, he is the architect of Nigeria’s credit economy management revolution, a teacher, mentor, and national builder whose legacy will outlive his generation.
