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.

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 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.

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.

Other Members of the Board are: Mrs. Tinuola Aigwedo, Executive Director, Strategy & Operations, Dr. Ezekiel Oseni as Executive Director, Risk Management and Ms. Yeside Kazeem – an experienced actuarial expert – as an Independent Non-Executive Director.

Representatives of NCGC’s major stakeholders were also appointed as Non-Executive Board Members: Namely; MD, 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. All the appointments are with immediate effect.

The National Credit Guarantee Company is set to commence full operations in July 2025, backed by a robust initial capital of #100 billion from a consortium comprising the Ministry of Finance Incorporated (MOFI), Nigeria Sovereign Investment Authority (NSIA), MD, Bank of Industry (BOI), and the MD, Nigerian Consumer Credit Corporation (CrediCorp).

The World Bank Group is also providing technical assistance to bringing its wealth of experience in other jurisdictions.