President Bola Ahmed Tinubu has announced the appointment of new members to the Board of the Nigerian Consumer Credit Corporation (CREDICORP), in a move to expand consumer credit access for Nigerians.
Special Adviser to President, Chief Ajuri Ngelale in a press statement on Wednesday informed the general public about this development.
Ngelale emphasized that these appointments are meant to tap into the skills and commitment that these people have so as to achieve CREDICORP’s objective of increasing consumer credit availability throughout Nigeria.
The board will comprise executive and non-executive directors from diverse sectors.
The Appointments
President Bola Ahmed Tinubu has approved the appointment of Otunba Aderemi Abdul as the Chairman of the Board of the Nigerian Consumer Credit Corporation (CREDICORP). Abdul will serve as an Independent Non-Executive Director.
- Engr. Uzoma Nwagba has been appointed as the Managing Director and Chief Executive Officer of CREDICORP.
- Mrs. Aisha Abdullahi will take on the role of Executive Director (Credit, Risk & Portfolio)/CRO.
- Ms. Olanike Kolawole has been named the Executive Director (Operations)/COO.
- Dr. Armstrong Ume Takang will serve as a Non-Executive Director representing the Ministry of Finance, Incorporated (MOFI).
- Dr. Peter Iwegbu has been appointed as a Non-Executive Director representing the National Identity Management Commission (NIMC).
- Mr. Mohammed Nasiru Abbas will serve as a Non-Executive Director representing the Federal Ministry of Industry, Trade and Investment (FMITI).
- Mr. Marvin Nadah has been named a Non-Executive Director representing the Federal Competition and Consumer Protection Commission (FCCPC).
- A representative from the Federal Ministry of Finance (FMF) will also serve as a Non-Executive Director on the board.
What You Should Know
Uzoma Nwagba, Chief Executive Officer (CEO) of Nigerian Consumer Credit Corporation, disclosed that about 1.8 million Nigerians have indicated interest in the scheme since April 2024 when the Consumer Credit Scheme was launched.
In an interview with CNBC Africa, Nwagba highlighted the structural challenges in Nigeria, particularly data and trust issues, that impede effective and widespread consumer credit access.
Nwagba noted that despite the existence of schemes like the Student Loan Fund, data on expressed interest reveals a high demand for consumer credit among civil servants and students.
Nwagba stated, ”The expression of interest became a way for Nigerians to not just essentially let us know that they want to get consumer credit but also let us know about themselves. As of today, we are getting closer to the 1.9 million people who have done that expression of interest to receive that consumer credit support.”
According to him, these interests cut across every state in Nigeria with representations from over 90% of Local Government Areas (LGA). This information means there are a lot of requests for consumer credits especially by civil servants.
He added that consumer credit reliability in Nigeria is majorly hampered by a lack of data and infrastructure necessary for tracking credit performance hence creating distrust among financial institutions.
To address these problems and develop consumer credit access, which will contribute to the growth of the economy as well as financial inclusion for millions of Nigerians, President Tinubu’s move to appoint a varied and experienced board for CREDICORP is very important.