President Bola Ahmed Tinubu has approved the establishment of the National Credit Guarantee Company (NCGC), a transformative institution designed to de-risk lending and expand access to finance for Micro, Small, and Medium Enterprises (MSMEs), small corporations, manufacturers, consumers, and large enterprises across Nigeria.
In a significant development, President Tinubu has appointed Rt. Hon. Yakubu Dogara as the Chairman of the Board of NCGC.
The NCGC is scheduled to begin full operations in July 2025 with an initial capital base of ₦100 billion, contributed by a consortium comprising the Ministry of Finance Incorporated (MoFI), Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and the Nigerian Consumer Credit Corporation (CreditCorp). The World Bank Group will also support the company with technical assistance.
According to President Tinubu, the NCGC will play a crucial role in building confidence in the financial system, expanding credit access, and empowering underserved groups, particularly women and youth. The initiative is expected to boost economic growth, promote industrialization, create jobs, and improve living standards nationwide.
The NCGC Board will be chaired by Dogara and includes the following members:
- Mr. Bonaventure Okhaimo – Managing Director/Chief Executive Officer
- Mrs. Tinuola Aigwedo – Executive Director
- Dr. Ezekiel Oseni – Executive Director of Strategy & Operations
- Ms. Yeside Kazeem – Executive Director of Risk Management and Independent Non-Executive Director
Other Non-Executive Board Members include:
- Representative of the MD, Nigeria Sovereign Investment Authority
- Mr. Aminu Sadig-Umar – MD/CEO, Bank of Industry
- Dr. Olasupo Olusi – MD, Nigerian Consumer Credit Corporation
- Mr. Uzoma Nwagba – Ministry of Finance Incorporated
- Mrs. Oluwakemi Owonubi – Ministry of Industry
The major stakeholders — NSIA, MoFI, BOI, and CreditCorp — have also been appointed as shareholders, ensuring sound governance and strong institutional backing for the NCGC’s mission to transform Nigeria’s credit environment.
