NICA Calls for Enhanced Lending Ethics, Legislation

Nume Ekeghe

The National Institute of Credit Administration (NICA) has emphasised the necessity of implementing robust laws to foster integrity, discipline, and transparency within Nigeria’s credit system

In a statement, the Registrar/Chief Executive Officer, NICA, Prof. Chris Onalo, noted that many advanced countries have been able to develop their credit system through implementation of suitable credit laws.

Onalo said: “For us to have a developed credit system, we need to do things right. We need enforcement of the right laws that will instill decency, discipline, honesty and truthfulness.

“For example, in other climes, there are laws relating to lending, honesty in business, and acceptable approach to debt collection arising from credit agreement.

“There are laws that spell out punishment if you default in honouring your obligations. There are establishments of courts that adjudicate over those laws to ensure that the defaulting party is punished.”

While noting the relevance of credit accessibility in the country, he said, economic restructuring sets the tone for political restructuring.

The professor explained that to restructure the economy and make Nigeria an attractive business investment and leading destination, there is need to put in place those institutional framework that come out to promote honesty in integrity as a way of life.