The National Institute of Credit Administration has said there is need to enforce appropriate laws that will instill decency, discipline and honesty in credit system in the country.
Speaking with our correspondent, 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.
He said, “The vision of the government of Nigeria to move the economy from a system that has trumped up unprecedented corruption, is in realization that has to do with the present system which is cash based, to more liberal, self-checkmating system, where people cannot get away so easily with what they have done. Also, where people can be rewarded for being honest and sincere in their way of life.”
He said availability of credit in the country will help people to actualize their vision, dream, desire is established.
Onalo also explained that the strategic objectives of NICA as a national statutory professional body, allow educated Nigerians in all fields of knowledge or learning to join the membership of the institute.
“This enables everyone, including students in tertiary institutions, to easily understand the various cannons of a society rooted in a credit economic setting through mass awareness, career education, and professional certification,” he said.
