President Bola Tinubu has approved the creation of the National Credit Guarantee Company Limited, a new financial institution backed by N100 billion in initial capital to expand access to credit for businesses and consumers nationwide.
The Presidency announced the development on Thursday, revealing that former House of Representatives Speaker Yakubu Dogara will chair the company’s board, while financial expert Bonaventure Okhaimo will serve as Managing Director/CEO.
“President Bola Ahmed Tinubu has approved the establishment of the National Credit Guarantee Company Limited, a transformative institution designed to de-risk lending and boost access to finance for Micro, Small and Medium Enterprises, Small Corporates, Manufacturers, Consumers and Large Enterprises across Nigeria,” the statement read.
The company will receive technical support from the World Bank Group and is funded by a consortium including the Ministry of Finance Incorporated, Nigeria Sovereign Investment Authority, Bank of Industry and Nigeria Consumer Credit Corporation.
Other key appointments include:
– Mrs. Tinoula Aigwedo (Executive Director, Strategy & Operations)
– Dr. Ezekiel Oseni (Executive Director, Risk Management)
– Ms. Yeside Kazeem (Independent Non-Executive Director)
Representatives from major financial institutions were also named to the board:
– Mr. Aminu Sadiq-Umar (NSIA)
– Dr. Olasupo Olusi (BOI)
– Mr. Uzoma Nwagba (CrediCorp)
– Mrs. Oluwakemi Owonubi (MOFI)
The initiative fulfills Tinubu’s New Year pledge to reform Nigeria’s credit system, with the NCGC expected to strengthen financial inclusion, particularly for women and youth, while supporting industrialization and job creation.
According to the Presidency, the company will “play a critical role in strengthening confidence in the financial system” as part of broader economic reforms under the Tinubu administration.
