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PROF CHRIS ONALO
The Registrar/Chief Executive Officer of the National Institute of Credit Administration (NICA), Prof. Chris Onalo, has expressed concerns over the rise of unethical practices among credit management professionals in Nigeria, warning that such behaviours could lead to an increase in bad debts within the country's financial sector.
In a press statement, Onalo emphasised the critical need for ethics, transparency, and a duty of care in the credit appraisal process, highlighting the role of professional conduct in maintaining financial stability.
The National Institute of Credit Administration (NICA) has raised concerns about the detrimental effects of high-interest-rate loans on the viability of Small and Medium Enterprises (SMEs) across the country.
In a move aimed at revitalising the Nigerian economy, the National Institute of Credit Administration (NICA) has called on the Federal Government to establish a comprehensive credit guarantee system to aid struggling businesses across the nation.
NICA has emphasized the urgent need to enact robust legislation to instil discipline, decency, and honesty within Nigeria's credit framework.
Banks in Nigeria are beginning to find means of generating more revenue after the Central Bank of Nigeria (CBN) slashed e-transaction charges, as they widen the gap between lending and interest rate