President Bola Ahmed Tinubu has established the National Credit Guarantee Company Limited (NCGC) and approved the appointment of its board and management team.
The disclosure was contained in a statement released by the Presidency on Thursday.
As part of the rollout, Tinubu appointed former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the NCGC Board, while Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer.
The new institution, backed by an initial capital of N100 billion, is designed to de-risk lending and expand access to finance for Micro, Small and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large businesses across Nigeria.
“President Bola Ahmed Tinubu has approved the establishment of the National Credit Guarantee Company Limited (NCGC), a transformative institution designed to de-risk lending and boost access to finance for Micro, Small and Medium Enterprises (MSMEs), Small Corporates, Manufacturers, Consumers and Large Enterprises across Nigeria,” the statement read in part.
It added, “President Tinubu has further approved the constitution of the Board and Management of NCGC with the appointment of Rt. Hon. Yakubu Dogara as Chairman of the Board and Mr. Bonaventure Okhaimo as the Managing Director/Chief Executive Officer.”
The statement noted that the move aligns with the President’s 2025 New Year message, where he promised to unlock credit access and stimulate inclusive economic growth.
Other key appointments include Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations; Dr. Ezekiel Oseni as Executive Director, Risk Management; and Ms. Yeside Kazeem, an experienced actuarial expert, as an Independent Non-Executive Director.
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President Tinubu also named representatives of key financial institutions and stakeholders as Non-Executive Board Members.
These include 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 (representative of the Ministry of Finance Incorporated).
- The company’s N100 billion initial capital is provided by a consortium consisting of the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry (BOI), and the Nigeria Consumer Credit Corporation (CrediCorp).
- In addition, the World Bank Group is offering technical assistance to the new company, leveraging its global experience with similar institutions.
According to the statement, the NCGC will play a critical role in strengthening confidence in the financial system, supporting underbanked demographics such as women and youth, promoting industrialization, and generating employment opportunities. It is part of broader efforts by the Tinubu administration to reform the credit landscape and improve standards of living across the country.
