President Bola Ahmed Tinubu has approved the appointment of former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the Board of the newly established National Credit Guarantee Company Limited (NCGC) — a strategic initiative aimed at boosting credit access across the Nigerian economy.
In a statement released Thursday by the Presidency, Mr. Bonaventure Okhaimo was also named as the Managing Director and Chief Executive Officer of the NCGC, which is backed by an initial capital injection of ₦100 billion.
The NCGC is designed to de-risk lending and expand credit access for Micro, Small, and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large enterprises throughout the country.
“This transformative institution will help unlock the flow of credit to underbanked and underserved segments of the Nigerian economy,” the statement said, adding that the development fulfills a key component of President Tinubu’s 2025 New Year pledge to expand credit access and stimulate inclusive growth.
Full Board Appointments
In addition to Dogara and Okhaimo, several other appointments were made to the NCGC’s leadership:
Mrs. Tinoula Aigwedo – Executive Director, Strategy and Operations
Dr. Ezekiel Oseni – Executive Director, Risk Management
Ms. Yeside Kazeem – Independent Non-Executive Director and actuarial expert
The President also appointed representatives from key national financial institutions as Non-Executive Board Members:
Mr. Aminu Sadiq-Umar, MD of Nigeria Sovereign Investment Authority (NSIA)
Dr. Olasupo Olusi, MD/CEO of Bank of Industry (BOI)
Mr. Uzoma Nwagba, MD of Nigeria Consumer Credit Corporation (CrediCorp)
Mrs. Oluwakemi Owonubi, representing the Ministry of Finance Incorporated (MOFI)
Institutional Backing and Technical Support
The NCGC’s capital base is provided by a powerful consortium including:
The Ministry of Finance Incorporated (MOFI)
The Nigeria Sovereign Investment Authority (NSIA)
The Bank of Industry (BOI)
The Nigeria Consumer Credit Corporation (CrediCorp)
Additionally, the World Bank Group is supporting the new company with technical assistance, leveraging its international experience with credit guarantee institutions across emerging markets.
A Catalyst for Financial Inclusion and Economic Growth
According to the Presidency, the NCGC is expected to serve as a catalyst for financial system confidence, especially among women, youth, and other historically underbanked populations. It will also support industrialization efforts, stimulate entrepreneurship, and generate employment.
The appointment of Dogara, a seasoned lawmaker with deep institutional knowledge, signals the administration’s intent to provide robust leadership for the new entity, which is expected to play a central role in reshaping Nigeria’s credit landscape.
This latest move is part of a broader economic strategy by the Tinubu administration to reposition the financial sector as a driver of inclusive growth and national development.
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