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Daniel Adaji
The Federal Government has established the National Credit Guarantee Company Limited (NCGC) with an initial capital of N100bn, to expand access to credit for Micro, Small and Medium Enterprises (MSMEs) and stimulate inclusive economic growth.
Announcing the development in a statement on Thursday, the Presidency said the initiative is part of President Bola Tinubu’s broader plan to reform Nigeria’s credit landscape and improve living standards nationwide.
“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.
To lead the institution, President Tinubu appointed former Speaker of the House of Representatives, Yakubu Dogara, as Chairman of the Board. Mr. Bonaventure Okhaimo, a financial sector expert, was named the Managing Director and Chief Executive Officer.
Also appointed to key executive roles are Mrs. Tinoula Aigwedo, who will oversee Strategy and Operations as Executive Director; and Dr. Ezekiel Oseni, who will serve as Executive Director in charge of Risk Management. Ms. Yeside Kazeem, a seasoned actuarial expert, will serve as an Independent Non-Executive Director.
The board will also include representatives from key financial institutions. These are Mr. Aminu Sadiq-Umar of the Nigeria Sovereign Investment Authority (NSIA), Dr. Olasupo Olusi of the Bank of Industry (BOI), Mr. Uzoma Nwagba of the Nigeria Consumer Credit Corporation (CrediCorp), and Mrs. Oluwakemi Owonubi from the Ministry of Finance Incorporated (MOFI).
The NCGC’s initial capital base is provided by a consortium comprising MOFI, NSIA, BOI, and CrediCorp. In addition, the World Bank Group is providing technical assistance to the company, bringing global experience from similar credit enhancement frameworks.
The Presidency said the creation of the NCGC aligns with the President’s 2025 New Year message in which he promised to “unlock access to credit” and energize Nigeria’s productive sectors.
The company is expected to support underbanked demographics—particularly women and youth—while strengthening confidence in the financial system, promoting industrialization, and generating employment.
“The company will support underbanked demographics such as women and youth, promote industrialization, and generate employment opportunities,” the statement read.