Vice President Kashim Shettima on Thursday inaugurated the Board of the Nigerian Consumer Credit Corporation, noting that the institution has disbursed more than N37 billion in consumer credit to Nigerians within its first year of operations.

According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Shettima said expanding access to consumer credit is vital to Nigeria’s goal of building a one-trillion-dollar economy.

The newly inaugurated CREDICORP board comprises Otunba Aderemi Abdul as Chairman; Engr. Uzoma Nwagba, Managing Director/CEO; Olanike Kolawole, Executive Director of Operations; Aisha Abdullahi, Executive Director of Credit and Portfolio Management; Dr. Armstrong Ume-Takang, representing the Ministry of Finance and Investment; Engr. Bisoye Coke-Odusote, representing the National Identity Management Commission; and Mohammed Naziru Abbas, representing the Federal Ministry of Industry, Trade and Investment.

Other board members include Marvin Nadah, representing the Federal Competition and Consumer Protection Commission (FCCPC); Chinonyelum Ndidi, representing the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.

The Vice President noted that President Bola Ahmed Tinubu established CREDICORP to create a trusted credit infrastructure, provide catalytic capital to reduce borrowing costs, and help Nigerians overcome long-standing cultural resistance to taking on credit.

VP Shettima said, “In just one year of operations, CREDICORP has disbursed over N37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.”

Shettima emphasized that CREDICORP’s mandate is to develop credit infrastructure that bridges the trust gap between lenders and borrowers, while also providing wholesale capital and credit guarantees through its portfolio companies.

“Ultimately, these critical roles of CREDICORP will enable access to consumer credit for at least 50 per cent of working Nigerians by 2030,” he added.

He called on the board members to adhere strictly to Public Service Rules, the Board Charter, and all relevant governance frameworks, stressing that accountability and responsible management of public resources are non-negotiable.

Speaking on behalf of the board, CREDICORP Chairman Otunba Aderemi Abdul thanked President Tinubu and assured that the board is committed to fulfilling its responsibilities and steering the institution to deliver tangible benefits to Nigerians.

Managing Director/CEO,
Engr. Uzoma Nwagba, added that in the past 18 months, CREDICORP has supported over 200,000 Nigerians, including students.