President Tinubu Establishes National Credit Guarantee Company with Initial Capital of N100bn
President Bola Ahmed Tinubu, GCFR, has approved the establishment of the National Credit Guarantee Company (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.
This aligns with the President’s 2025 New Year’s message, which promises to unlock credit and fuel sustainable economic growth for all. The President highlighted that the initiative will strengthen confidence in the financial system, expand credit access, and support under-served groups like women and youth, while driving growth, reindustrialisation, job creation and better living standards for Nigerians.
The President has constituted the board of the NCGC with Former Speaker of the House of Representatives Rt. Hon Yakubu Dogara and Mr. Bonaventure Okhaimo as Managing Director/Chief Executive Officer.
Other members of the board are Mrs. Tinuola Aigwedo, Executive Director, Operations, Dr Ezekiel Oseni, Executive Director, Risk Management and Ms. Yeside Kazeem, an experienced actuarial expert as an independent Non-Executive Director.
Representatives of the NCGC’s major stakeholders were also appointed as Non-Executive Board members: Namely, Mr. Aminu Sadiq-Umar, MD/CEO, Nigeria Sovereign Investment Authority, Dr. Olasupo Olusi, MD/CEO, Bank of Industry, Mr. Uzoma Nwagba, MD/CEO, Nigeria Consumer Credit Corporation and Mrs. Oluwakemi Owonubi, representative of the Federal Ministry of Finance.
The National Credit Guarantee Company is set to commence full operations from July 1st, 2025, backed by an initial robust capital of N100bn from a consortium of Ministry of Finance Incorporated, (MOFI), Nigeria Sovereign Investment Authority (NSIA), MD, Bank of Industry and MD, Nigerian Consumer Credit Corporate Corporation (Credicorp).
The World Bank Group is also providing technical assistance to NCGC, bringing its wealth of experience to other jurisdictions.
