President Bola Ahmed Tinubu has officially established the National Credit Guarantee Company Limited (NCGC), a pivotal new institution aimed at expanding access to finance for businesses across Nigeria. Alongside its creation, Tinubu approved the appointments of its board members and management team, marking a major step in reforming the country’s credit ecosystem.
Announced in a statement from the Presidency on Thursday, the NCGC is capitalized with an initial fund of N100 billion, backed by key government and financial institutions. The company’s primary mission is to de-risk lending and facilitate credit availability to a wide spectrum of Nigerian enterprises—ranging from Micro, Small and Medium Enterprises (MSMEs) and small corporates to manufacturers, consumers, and larger businesses.
President Tinubu appointed Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives, as the Chairman of the NCGC Board. The company’s Managing Director and Chief Executive Officer is Mr. Bonaventure Okhaimo.
“The establishment of NCGC is a transformative move designed to unlock credit and stimulate inclusive economic growth across Nigeria,” the statement read. “President Tinubu also approved the Board constitution with key appointments including Rt. Hon. Yakubu Dogara as Chairman and Bonaventure Okhaimo as MD/CEO.”
Other critical leadership roles include:
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Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations
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Dr. Ezekiel Oseni as Executive Director of Risk Management
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Ms. Yeside Kazeem, an actuarial expert, appointed as Independent Non-Executive Director
Strong Consortium Backing and Global Expertise
The NCGC’s initial capital of N100 billion comes from a consortium comprising the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry (BOI), and the Nigeria Consumer Credit Corporation (CrediCorp). Additionally, the World Bank Group is providing technical assistance, drawing on its global experience with similar credit guarantee schemes.
President Tinubu’s administration envisions the NCGC as a critical tool to boost confidence in Nigeria’s financial system, especially among underbanked groups such as women and youth. It will also promote industrialization, encourage entrepreneurship, and create jobs, thus contributing significantly to national development and poverty reduction.
Other Non-Executive Board members include prominent figures from leading financial bodies:
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Mr. Aminu Sadiq-Umar (MD, Nigeria Sovereign Investment Authority)
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Dr. Olasupo Olusi (MD/CEO, Bank of Industry)
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Mr. Uzoma Nwagba (MD, Nigeria Consumer Credit Corporation)
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Mrs. Oluwakemi Owonubi (representative, Ministry of Finance Incorporated)
The launch of the National Credit Guarantee Company aligns with President Tinubu’s broader economic agenda outlined in his 2025 New Year message, emphasizing improved credit access as a foundation for inclusive and sustainable economic growth in Nigeria.
