NICA seeks collaboration with CAC to boost credit

The National Institute of Credit Administration has said that the Corporate Affairs Commission is sitting on a goldmine of information which can boost the credit industry.

This was disclosed by the Registrar/Chief Executive Officer of NICA, Prof Chris Onalo, on Wednesday at a press briefing ahead of the maiden edition of its annual conference.

NICA will be hosting the inaugural edition of the National Credit Managers Conference and Annual Investiture of the Nigeria Credit Industry Awards in Lagos later this month.

Onalo said, “The CAC is sitting on a goldmine of information. All corporate organisations, whatever their status: PLC, limited liability companies, business names, associations and so on, are domiciled with CAC.

“In developed countries where the economy adds up to other components to give meaning to citizens, that institution holds credible information that enables investors to invest in the country, enables businesses to thrive, and enables ease of doing business in a country.

“We are working hard to collaborate with CAC. We are a credit professional body and we believe that they can also benefit from the information that they have for this country to have a vibrant business operating environment that would be attractive to local and foreign investors.”

Onalo said the conference, themed: ‘Credit grows green economy’, would provide a platform for stakeholders to dialogue and provide solutions that would improve the credit industry and the economy as a whole.

“The stakeholders are coming together to brainstorm on where we go from here as a country. Yes, we have been able to find a pathway to democracy and we are close to our destination in terms of strong democratic principles but then we have left the economy behind.

“The economy has been cash-and-carry, which stifles growth and brings a lot of challenges to all of us since independence. We need to redefine to meet the needs of the Nigerian people and, by implication, the African people.

“The economy is tilting towards a credit economy. Credit will stimulate jobs and wealth for this country, which is in dire need of it. Credit system also helps us to galvanise our mentality as citizens so that we are obligated to honour our promises, such as contracts of any kind or deal which we have entered into with anyone,” he added.

On the $1tn economic target by 2030 by President Bola Tinubu, the NICA registrar posited that it was possible within an enabling environment.

He expounded, “A $1tn economy is doable, but the perfect pathway is when you liberalise the economy and bring in processes that allow people to bring out their best. What enables people to produce is access to credit and the control of the people’s mind not to divert their access to finance to something else. The $1tn economy is achievable.”

Chairman of the Internal Planning Committee of the conference, Franklin Oboneo, noted that the Bola Tinubu administration was already leaning towards a credit economy and needed to be encouraged to go all the way.

“This administration is already leaning towards a credit economy and we want that at the end of the administration it is a reality and not an agenda for the next government. If all stakeholders work together, we will be able to get the government to do what is good for Nigerians so that the future is better for everyone,” he asserted.

Described as the biggest gathering of credit industry stakeholders in the country, the conference will be declared open by the Vice President of the Country, Senator Kashim Shettima.

Other personalities that have been slated to participate actively in the conference are the Governor of Lagos State, Babajide Sanwo-Olu; Acting Secretary of the National University Commission; President of the Nigerian Bar Association, etc.