A significant legislative proposal, “A Bill for an Act to Establish the Institute of Debt Recovery Practitioners of Nigeria,” known as (HB. 96), is currently under consideration in the Nigerian House of Representatives. Sponsored by Hon. Oluwatimehin Adelegbe, this bill aims to create a professional body dedicated to training, regulating, and licensing debt recovery practitioners in Nigeria. Bill progress: Committee stage.
The primary objective of HB. 96 is to establish a framework for the debt recovery profession, ensuring that individuals engaged in the collection and recovery of debts, levies, fees, or remuneration are properly trained and regulated. By doing so, the bill intends to standardize practices within the profession and enhance the accountability of debt collectors.
Key Aspects of the Bill
- Establishment of a Regulatory Body: The bill proposes creating a new institute similar to other professional regulatory bodies in Nigeria, such as the Nigerian Bar Association (NBA) and the Institute of Chartered Accountants of Nigeria (ICAN). This institute would be responsible for overseeing the debt recovery profession.
- Training and Licensing: Under this bill, the institute would have the authority to train and license debt recovery practitioners, a move towards professionalizing a field that has historically lacked regulation.
- Regulation and Control: The legislation aims to ensure that debt collectors operate within a defined legal and ethical framework. This would likely include establishing codes of conduct and disciplinary procedures for registered members.
- Professionalization of Debt Collection: By formalizing and professionalizing the practice of debt recovery, the bill seeks to introduce greater accountability and a structured approach to resolving debt-related issues.
As discussions advance, the establishment of the Institute of Debt Recovery Practitioners of Nigeria is anticipated to bring significant improvements to the debt collection profession, enhancing regulatory oversight and setting professional standards in the industry.
