President Bola Tinubu has established the National Credit Guarantee Company (NCGC), with an initial capital of N100 billion.
Tinubu also approved the constitution of the NCGC board, appointing Yakubu Dogara, former speaker of the house of representatives, as chairman.
Announcing the development in a statement on Thursday, the presidency said the company is a transformative institution designed to de-risk lending and boost access to finance for micro, small, and medium enterprises (MSMEs).
The NCGC is also expected to serve small corporates, manufacturers, consumers, and large enterprises across Nigeria.
“This landmark move is in keeping with His Excellency’s 2025 New Year Message promising to unlock credit and fuel sustainable economic growth for all,” the statement said.
“The President highlighted that the initiative will strengthen confidence in the financial system, expand credit access, and support under-served groups such as women and youth, while driving growth, reindustrialization, job creation and better living standards for Nigerians.”
According to the statement, Tinubu also appointed Bonaventure Okhaimo as the managing director and chief executive officer (CEO).
Other key appointments include Tinoula Aigwedo as executive director of strategy and operations; Ezekiel Oseni as executive director of risk management; and Yeside Kazeem — an actuarial expert — as an independent non-executive director.
The presidency said all the appointments will take effect immediately.
“Representatives of NCGC’s major stakeholders were also appointed as Non-Executive Board Members: Namely; MID, Nigeria Sovereign Investment Authority, Mr. Aminu Sadiq Umar, MD/ CEO, Bank of Industry, Dr. Olasupo Olusi, MD, Nigeria Consumer Credit Corporation, Mr Uzoma Nwagba as well as the representative of the Ministry of Finance Incorporated, Mrs. Oluwakemi Owonubi,” the statement further reads.
According to them, the NCGC will commence full operations in July 2025, with the initial capital of N100 billion from a consortium comprising the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), managing director of Bank of Industry (BOI), and the managing director Nigerian Consumer Credit Corporation (CrediCorp).
The presidency added that the World Bank Group is also providing technical assistance to NCGC, bringing its wealth of experience in other jurisdictions.
Tinubu had said his administration would establish a credit guarantee company before the end of the second quarter (Q2) of 2025.
