Distinguished guests, esteemed members of NICA, and our honored new inductees, I am delighted to welcome you to this induction ceremony of the National Institute of Credit Administration (NICA), Chartered.
As President and Chairman of Council, it is both a privilege and a responsibility to lead this esteemed Institution at such a defining time in its history.
Credit management remains a cornerstone of economic growth, stability, and national development. A well-structured credit system enables businesses to thrive, expands opportunities for individuals, and strengthens financial inclusion across the nation. NICA, established by Act No. 26 of 2022, is mandated to regulate, supervise, and promote best practices within the credit management profession in Nigeria.
Our founding Registrar, Prof Chris Onalo and the Governing Council, made up of distinguished professionals, continue to provide strategic leadership and direction to ensure that we fulfill this mandate effectively.
I am proud to highlight a landmark achievement in our journey. On October 22, 2024, the Federal Government of Nigeria officially recognized credit management as a national profession and affirmed NICA as its chartered regulator as well as the supervisor of credit management in Nigeria. This historic recognition reinforces our responsibility to uphold the highest standards of professionalism, integrity, and excellence.
Furthermore, in recognition of NICA’s role as the foremost credit institution in Nigeria, the Institute was admitted into the rank of Nigeria’s top six foremost professional bodies by the Federal Government with whom an MOU was signed on February 2, 2026 at the Presidential Villa, Abuja, for the planning and implementation of the national credit and financial inclusion training programmes (with PreCEFI). This initiative aims to benefit 10 million Nigerians, with priority given to women and youth entrepreneurs throughout the nation. This initiative demonstrates our commitment not only to professional development but also to national economic transformation.
To our newly inducted members, whether as Fellows, Members, or Associates, your journey with NICA begins with the Mandatory Credit Management Academic Improvement Programme (MCMAIP). This programme is designed to deepen your expertise and strengthen your professional competence. Upon completion, you will be better equipped to contribute meaningfully to the advancement of credit management both locally and globally.
Beyond technical competence, we place strong emphasis on ethics and professional conduct. Our Code of Ethics and Bye Laws are not just guidelines—they are the foundation upon which our credibility and reputation stand. NICA remains resolute in ensuring strict compliance, as we continue to uphold the integrity of the profession.
I am also pleased to inform our distinguished Fellows that, following the recommendation of the Board of Fellows, Council has approved an uncapped Life Membership. This allows Fellows to transition from annual subscriptions to a one-time fee of ₦500,000, securing lifelong recognition, eliminating recurring dues, and granting uninterrupted access to all privileges of the Institute. This initiative is not driven by revenue, but by respect—honouring legacy, reducing administrative burden, and reinforcing fellowship as a lifelong commitment.
Dear Fellows, upon your induction today, you shall automatically become a member of the Institute’s Board of Fellows (BOF). The principal activity of the BOF is essentially to assist, influence and help government and economic development policy makers with freshly sourced quarterly economic growth roadmap for the development of Nigerian economy.
Distinguished inductees, today marks not just your admission into a professional body, but your entry into a community of responsibility, excellence, and impact.
As we move forward, let us not only build a stronger credit profession but also shape a stronger economy for Nigeria and generations to come. The future of credit management is in our hands—and together, we will elevate it to global prominence.
Congratulations once again and thank you.
Dr. (Mrs.) Markie Idowu, FICA
President & Chairman of Council
National Institute of Credit Administration
NO. 70
