Abuja, Nigeria –In a significant step aimed at revolutionizing access to finance and stimulating economic growth, President Bola Ahmed Tinubu has today announced the establishment of the National Credit Guarantee Company (NCGC) Limited, backed by an initial capital of N100 billion. This transformative institution is set to de-risk lending and significantly expand financial access for Micro, Small and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large businesses across Nigeria.
The President also announced the appointment of the former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as the Chairman of the NCGC Board. This appointment signals the administration’s commitment to robust leadership for this crucial new entity.
The NCGC’s core mandate is to serve as a guarantor of loans granted by financial institutions, thereby mitigating risks for lenders and encouraging wider lending practices. This mechanism is expected to unlock a substantial flow of credit to critical sectors and underserved populations, including women and youth, who often face significant hurdles in accessing conventional financing. By providing partial credit guarantees, the NCGC will share the credit risk with lenders, incentivizing them to extend more credit with potentially lower collateral requirements and more flexible repayment structures.
Spearheading the day-to-day operations of the NCGC will be Mr. Bonaventure Okhaimo, who has been appointed as the Managing Director and Chief Executive Officer. Okhaimo brings a wealth of experience, having previously served as the Chief Operating Officer of the Development Bank of Nigeria (DBN), where he played a key role in disbursing substantial funds to MSMEs and promoting financial inclusion.
Other key appointments to the NCGC Board and management include Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations, and Dr. Ezekiel Oseni as Executive Director, Risk Management, highlighting the institution’s commitment to sound governance and risk mitigation. Furthermore, Ms. Yeside Kazeem, an experienced actuarial expert, joins the board as an Independent Non-Executive Director, bringing valuable technical expertise to the strategic oversight of the company.
The establishment of the NCGC aligns with President Tinubu’s broader economic agenda, articulated in his 2025 New Year message, which emphasized unlocking credit access and fostering inclusive economic growth. This initiative builds on previous efforts to enhance financial inclusion, such as the Nigerian Consumer Credit Corporation (CrediCorp) scheme.
Experts believe that a well-designed credit guarantee scheme can be a game-changer for Nigeria’s economy. By fostering a more confident lending environment, the NCGC is poised to stimulate job creation, boost productivity, and drive innovation across various sectors, ultimately contributing to improved living standards for Nigerians. The success of the NCGC will largely depend on its effective implementation, transparency, efficient management, and its ability to reach its target beneficiaries across the nation.
