President Bola Tinubu has officially launched the National Credit Guarantee Company (NCGC) with an initial capital of N100 billion, aiming to transform access to finance for micro, small, and medium enterprises (MSMEs) across Nigeria.
In a statement released on Thursday, the presidency announced the appointment of Yakubu Dogara, former Speaker of the House of Representatives, as chairman of the NCGC’s board. This new initiative is designed to de-risk lending, thus bolstering the capacity of financial institutions to support various sectors including small corporates, manufacturers, consumers, and large enterprises.
“This landmark move is in line with His Excellency’s 2025 New Year Message, which pledged to unlock credit and foster sustainable economic growth for all Nigerians,” the statement read. President Tinubu noted that the establishment of the NCGC will enhance confidence in the financial system, increase credit access, and specifically assist underserved groups such as women and youth, while stimulating growth, reindustrialization, job creation, and improving living standards throughout the country.
Bonaventure Okhaimo has been appointed as the Managing Director and Chief Executive Officer (CEO) of the NCGC. Additional key appointments include Tinoula Aigwedo as Executive Director of Strategy and Operations, Ezekiel Oseni as Executive Director of Risk Management, and Yeside Kazeem, an actuarial expert, as an Independent Non-Executive Director.
The presidency confirmed that all appointments are effective immediately. Furthermore, representatives from NCGC’s key stakeholders have been designated as Non-Executive Board Members, including MID, the Nigeria Sovereign Investment Authority, Mr. Aminu Sadiq Umar, MD/CEO of the Bank of Industry, Dr. Olasupo Olusi, MD of the Nigeria Consumer Credit Corporation, Mr. Uzoma Nwagba, and Mrs. Oluwakemi Owonubi from the Ministry of Finance Incorporated.
The NCGC is scheduled to commence full operations in July 2025, backed by its initial N100 billion capital raised from a consortium that includes the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry (BOI), and the Nigerian Consumer Credit Corporation (CrediCorp). The World Bank Group is also set to provide technical assistance, leveraging its extensive experience in similar initiatives globally.
President Tinubu had previously committed to establishing a credit guarantee company before the end of the second quarter (Q2) of 2025, underscoring his administration’s focus on economic reform and financial inclusion.