The Federal Government has officially inaugurated the Board of Directors of the newly established National Credit Guarantee Company Limited (NCGC Ltd), an institution aimed at unlocking access to affordable financing for Nigeria’s micro, small, and medium enterprises (MSMEs).
The inauguration ceremony, held on Thursday in Abuja, was presided over by Vice President Kashim Shettima, who described the NCGC as a “critical engine” for economic inclusion and grassroots development.
“This is our response to a stubborn challenge that has stifled our economic potential for decades, which is access to finance,” Shettima said in a statement by the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha.
“These entrepreneurs do not ask for handouts; they ask for the credibility of their ideas to be matched by the confidence of our financial institutions.”
Bridging the MSME Financing Gap
The NCGC is designed to serve as a financial backbone for Nigeria’s underserved MSME sector, which has long struggled to access credit due to a lack of collateral and institutional trust.
The company will provide credit guarantees that reduce the risk for lenders, thereby encouraging banks and financial institutions to extend loans to small businesses.
“NCGC is that bridge,” Shettima emphasized. “It is the assurance that when a farmer in Ibadan needs a loan to expand her cocoa farm, when a tech start-up in Abuja needs working capital to scale, when a leather artisan in Kano seeks to mechanize his craft, and when a trader in Onitsha needs capital to expand, the system will no longer fail them.”
President Bola Ahmed Tinubu first announced the establishment of NCGC Ltd during his Democracy Day address on May 29, 2025. He also approved the appointment of the board and executive leadership.
Leadership and Governance
The newly inaugurated board is chaired by former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara. Mr. Bonaventure Okhaimo has been appointed as the Managing Director and Chief Executive Officer of the company.
Vice President Shettima charged the board to lead with “prudence and courage, accountability and ambition,” urging them to translate national policy into tangible impact.
“This is a call to deploy your diverse expertise not only as overseers but as enablers of transformation,” he said.
Other members of the board include Mrs. Tinoula Aigwedo – Executive Director, Strategy and Operations; Dr. Ezekiel Oseni – Executive Director, Risk Management; and Ms. Yeside Kazeem – Independent Non-Executive Director.
Non-Executive Board Members representing key financial institutions 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, Ministry of Finance Incorporated.
Institutional Collaboration and Economic Impact
Speaking at the event, Dr. Olasupo Olusi, Managing Director of the Bank of Industry and a member of the board, highlighted the collaborative effort behind the NCGC’s formation.
“This milestone is a result of dedicated hard work by a coalition of partners like BOI, Ministry of Finance Incorporated, Nigerian Consumer Credit Corporation, Nigeria Sovereign Investment Authority, and the World Bank,” Olusi said.
He noted that the NCGC reflects the administration’s commitment to dismantling structural barriers that have historically constrained access to finance for MSMEs, manufacturers, and consumers.
The NCGC is expected to play a pivotal role in catalyzing inclusive economic growth by enabling small businesses to scale, create jobs, and contribute meaningfully to Nigeria’s GDP.
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