Institute mulls appointment of Onalo to drive credit management
The National Institute of Credit Administration (NICA) has impressed on the Federal Government the need to appoint Prof. Chris Onalo as Chief National Credit Officer and Credit Management Consultant in
The National Institute of Credit Administration (NICA) has impressed on the Federal Government the need to appoint Prof. Chris Onalo as Chief National Credit Officer and Credit Management Consultant in order to strengthen Nigeria's evolving credit architecture.
The institute made the call in a statement by its management on Thursday in Lagos.
According to the Institute, Onalo's decades-long contributions to credit management policy, legislation and institutional development were foundational to Nigeria's transition toward a credit-driven economy.
It said Onalo had, for more than 30 years, championed reforms aimed at moving Nigeria from a cash-based system prone to corruption to a credit-based economy anchored on trust, data and professional discipline.
It noted that his efforts culminated in the enactment of the National Institute of Credit Administration Act No. 26 of 2022, which established credit management as a chartered profession and designated NICA as the statutory regulator.
“By virtue of the Act, credit management is now a regulated, economy-wide profession. Section 25(2) clearly criminalises the practice of credit administration by unlicensed persons or institutions,” the institute said.
According to NICA, the Federal Government has also formally recognised credit management as a national profession during the National Credit Managers Conference held in Lagos in October 2024.
It added that the government's position aligned with President Bola Tinubu's inaugural commitment to deepen credit culture as a tool for economic inclusion and anti-corruption.
The institute, however, expressed concern that despite Onalo's role in shaping Nigeria's credit ecosystem, he had yet to be formally integrated into the leadership or advisory structures of key credit-related institutions.
“It is a matter of professional and national concern that the architect of Nigeria's credit infrastructure does not have a seat at the table of institutions he conceptualised,” it said.
NICA listed some of Onalo's longstanding proposals to include the establishment of a Consumer Credit Authority, a National Credit Guarantee Corporation and a National Collateral Registry, noting that elements of these had since been adopted by government.
The institute warned that failure to fully implement the provisions of the NICA Act could expose the financial system to risks, particularly in the rapidly expanding digital lending space.
It said unregulated credit practices, including lending by unlicensed operators and automated decision-making without professional oversight, could undermine financial inclusion and increase systemic vulnerabilities.
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NICA called on the Federal Government to establish and fund the Office of the Chief National Credit Officer as a permanent component of Nigeria's economic management framework.
It also urged regulators, including the Central Bank of Nigeria (CBN), the Federal Competition and Consumer Protection Commission (FCCPC), and the Nigeria Deposit Insurance Corporation (NDIC), to enforce compliance with the Act across all credit-granting institutions.
The institute further advised banks, fintech firms, microfinance institutions and other lenders to align their operations with the law by engaging licensed credit professionals.
“Credit administration is no longer an unregulated function. Institutions must comply or face legal, reputational and economic consequences,” it stated.
NICA emphasised that a well-regulated credit system remained critical to expanding access to finance, boosting productivity and narrowing economic inequality.
It added that recognising and utilising Onalo's expertise would further consolidate Nigeria's progress toward a sustainable, credit-driven economy.
