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Unethical conduct among credit management professionals may drive bad debts in Nigeria – NICA 



Prof. Chris Onalo 1

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. 

NICA is the statutory body responsible for the oversight, control, and regulation of the credit management profession in Nigeria. 

Onalo said: 

Onalo pointed out that unethical conduct in credit management could stem from factors beyond economic motivations, which are preventable through stringent ethical practices. 

He elaborated on the importance of comprehensive credit assessment, appraisal, or evaluation, considering the business growth or downtrends observed over time. This approach ensures that credit professionals can accurately position and reposition credit customers’ businesses for continuous growth and sustainable economic contribution. 

Onalo also highlighted the necessity for credit managers and their teams to gather appropriate credit and business information to construct mitigation strategies against defaults. 

In his advice to credit professionals, Onalo stressed the importance of continuous professional development through regular participation in training and retraining programs related to credit management. 


The NICA CEO also emphasised that organisations and individuals utilising credit for business expansion or personal purchases must fulfil their obligations and avoid abusing credit facilities. 

The statement noted: