President Bola Ahmed Tinubu has approved the creation of the National Credit Guarantee Company Limited (NCGC). He also announced the full management and board members of the new institution.
This move aims to improve credit access and help grow small and large businesses in Nigeria. The Federal Government has provided a starting capital of ₦100 billion for the new company.
“President Bola Ahmed Tinubu has approved the establishment of the National Credit Guarantee Company Limited (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,” the Presidency said in a statement released on Thursday.
The company is expected to support various businesses by providing guarantees for loans. This will encourage banks and other financial institutions to lend more easily to individuals and organizations.
Dogara Appointed Chairman, Okhaimo Named MD of NCGC
President Tinubu has appointed former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the NCGC Board. Mr. Bonaventure Okhaimo has been named the Managing Director and Chief Executive Officer of the institution.
The Presidency stated, “President Tinubu has further approved the constitution of the Board and Management of NCGC with the appointment of Rt. Hon. Yakubu Dogara as Chairman of the Board and Mr. Bonaventure Okhaimo as the Managing Director/Chief Executive Officer.”
This appointment forms part of the President’s plan to use institutional reforms to grow the economy and empower Nigerian businesses with better financial support.
In addition to the top leadership, the President approved several key appointments to strengthen the company’s operations.
Mrs. Tinoula Aigwedo will serve as the Executive Director of Strategy and Operations. Dr. Ezekiel Oseni has been appointed Executive Director of Risk Management. Ms. Yeside Kazeem, a professional with strong actuarial experience, will serve as an Independent Non-Executive Director.
These appointments are expected to bring strong expertise and direction to the company’s work.
New Credit Scheme to Support Economic Growth
The launch of NCGC reflects Tinubu’s economic vision for 2025. In his New Year message, he promised to improve credit access for Nigerians.
This new scheme will help Micro, Small and Medium Enterprises (MSMEs), as well as larger companies, get loans with fewer risks to banks. It will reduce the fears lenders have when giving credit, especially to small businesses and individuals without strong collateral.
The government believes the NCGC will help create more jobs, reduce poverty, and boost industrial growth across Nigeria.
The NCGC is set to work with private and public sector banks, financial institutions, and other stakeholders to provide easy access to guaranteed loans.
The initiative is expected to promote sustainable development by enabling entrepreneurs to grow their businesses and support the local economy.
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