CBN SHOULD PLAY ADVISORY ROLE IN REDUCING NIGERIA’S DEBT PROFILE SAYS IDRPN PRESIDENT, OPEODU

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IDRPN President, Mr. Chris Akintunde Opeodu

 

The President of Institute of Debt Recovery Practitioners of Nigeria (IDRPN) Mr. Chris Akintunde Opeodu has said that the Central Bank of Nigeria should play an advisory role in reducing Nigeria’s debt profile, he spoke with NATIONAL WAVES publisher, JIMMY ENYEH on this and other sundry issues
Excerpts.

Qus: Can you throw light on the activities of your agency?

Ans: The Institute of Debt Recovery Practitioners of Nigeria (IDRPN) was established in 2006 and is managed by governing council elected into office. IDRPN is an independent organization .

The aims and objectives of the institute include ,
raising , maintaining and regulating the standard of debt recovery practice among its members and to promote professional ethics and efficiency in the debt recovery profession
While encouraging , promoting and coordinating research for advancement of debt recovery practice in Nigeria and sub-Saharan Africa .

Qus: As an organization in the business of debt recovery, how would you classified Nigeria’s debt profile in the past seven years?

Ans: Nigeria debt profile for the past seven years should give a responsible citizens cause to worry ,because government spending is shrouded in secrecy as debt burden grows ,as expert on this field , Nigerians should braze up for the worst economic crisis because things are going from bad to worst in the country and those managing the economy careless about the survival of the people out there.
There is a worsening economic crisis at hand ,the debt management office of the federation admited that the existing Nigeria debts profile is a challenge, the way out is to convert our present debt to a 30 year debt instrument .

Qus: We are in the season of elections where politicians go into borrowing spree, would this not further worsen our economic growth?

Ans: Sure, local borrowings will increase due to political expenses, note also that we are in the era of vote buying, more money will go down the political gutters, my advise for politicians is they should eschew vote buying and do development based campaign instead of vote buying which will worsen our economic situation

Qus: What role should the Central Bank of Nigeria play in debt reduction ?

Ans: The Central Bank of Nigeria has a role of financial advisors to play effectively if there should be reduction in the country’s debt profile.

Qus: What fate lies ahead of the next president that will come in 2023?

And: The next president should be a technocrat, Nigeria is a poorly a debt ridden country, it will take a brilliant president to manage the economy ,l am yet to see among the present array of presidential candidates who can turn around the debt challenged economy of Nigeria .

Qus: What is your debit recovery figure like?

Ans: Our overall recoveries in 2021/22 stands at N2billion.Honestly ,governments Debt is been handled by EFCC which is wrong ,government should also patronize the private sectors debt recovery agents that have the wherewithal to recover debt from recalcitrant debtors that are available in Nigeria ,but the reverse is the case ,even some commercial banks also use the law enforcement agencies, this is unconstitutional ,debt is civil and it is a business transaction model, but these days it is been criminalized to force debtors to pay . There is lawlessness in our society by using law enforcement agencies to collect debt which often times lead to more crisis and bad belle.

Qus: Who is qualified to be a member of your agency?

Ans: What qualifies one to become a debt collector is ability to read and write and such person must be a graduate of any discipline. it’s also important that a debt recovery aspirant should attends the weeks online training via zoom or whatsApp chat from 5-6pm daily with minimal amount.

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