President Bola Ahmed Tinubu has officially approved the establishment of the National Credit Guarantee Company Limited (NCGC), a strategic institution aimed at unlocking credit access and stimulating sustainable economic growth across Nigeria.
The NCGC is designed to de-risk lending and expand financial inclusion for Micro, Small and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large enterprises nationwide. This initiative aligns with President Tinubu’s 2025 New Year Message pledge to foster economic development by broadening credit availability.
In a statement, President Tinubu emphasized that the company will boost confidence in Nigeria’s financial system, promote reindustrialization, create jobs, and improve living standards. Special focus will be placed on underserved groups including women and youth.
The President also approved the composition of the NCGC’s Board and Management team. Rt. Hon. Yakubu Dogara was appointed Chairman of the Board, with Mr. Bonaventure Okhaimo named Managing Director and Chief Executive Officer.
Other board members include Mrs. Tinuola Aigwedo, Executive Director of Strategy & Operations; Dr. Ezekiel Oseni, Executive Director of Risk Management; and Ms. Yeside Kazeem, an experienced actuarial expert, serving as an Independent Non-Executive Director.
Key stakeholders from major partnering organizations were also appointed as Non-Executive Directors: Mr. Aminu Sadiq-Umar (MD, Nigeria Sovereign Investment Authority), Dr. Olasupo Olusi (MD/CEO, Bank of Industry), Mr. Uzoma Nwagba (MD, Nigeria Consumer Credit Corporation), and Mrs. Oluwakemi Owonubi, representing the Ministry of Finance Incorporated.
Set to commence operations in July 2025, the NCGC will launch with a strong initial capital base of ₦100 billion. Funding is provided by a consortium comprising the Ministry of Finance Incorporated (MOFI), Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Nigeria Consumer Credit Corporation (CrediCorp).
Additionally, the World Bank Group is offering technical assistance, bringing international expertise to support the company’s rollout and operational effectiveness.
This move by the Tinubu administration marks a significant step toward strengthening Nigeria’s financial ecosystem and empowering businesses across all sectors to thrive through improved access to credit.
