President Bola Tinubu has approved the creation of the National Credit Guarantee Company (NCGC), aimed at improving access to finance for businesses and consumers across Nigeria.
The newly formed institution will begin operations in July 2025 with a starting capital of N100 billion.
The president has also constituted the company’s board, appointing former Speaker of the House of Representatives, Yakubu Dogara, as chairman. This was disclosed in a statement issued by the presidency on Thursday.
Describing the NCGC as a “transformative institution,” the presidency said the initiative is designed to reduce risks in lending and widen access to credit for micro, small, and medium-sized enterprises (MSMEs), manufacturers, consumers, and larger corporates nationwide.
“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.”
Bonaventure Okhaimo has been appointed managing director and chief executive officer (CEO) of the NCGC.
Other key leadership appointments include Tinoula Aigwedo as executive director for strategy and operations, Ezekiel Oseni as executive director of risk management, and Yeside Kazeem, an actuarial expert, who will serve as an independent non-executive director.
Non-executive board members representing major stakeholders have also been named. These include Mr. Aminu Sadiq Umar, MD/CEO of the Nigeria Sovereign Investment Authority; Dr. Olasupo Olusi, MD of the Bank of Industry; Mr. Uzoma Nwagba, MD of the Nigeria Consumer Credit Corporation; and Mrs. Oluwakemi Owonubi representing the Ministry of Finance Incorporated.
According to the presidency, the NCGC’s capital is being provided by a consortium made up of the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry (BOI), and the Nigerian Consumer Credit Corporation (CrediCorp).
In addition, the World Bank Group is providing technical support for the company, leveraging its expertise from similar initiatives in other countries.
President Tinubu had previously pledged to set up a credit guarantee body by the end of the second quarter of 2025—a promise now on track with this development.
