President Bola Ahmed Tinubu has officially established the National Credit Guarantee Company Limited, a pivotal initiative aimed at enhancing access to credit for individuals and businesses across Nigeria.

This development was confirmed in a statement released by the Presidency on Thursday.

As part of the launch of the National Credit Guarantee Company Limited (NCGC), President Bola Ahmed Tinubu appointed key leaders to drive the company’s mission:

Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives, will serve as Chairman of the Board.

Mr. Bonaventure Okhaimo has been named Managing Director and Chief Executive Officer.

Backed by an initial capital of ₦100 billion, the new institution is set up to reduce lending risks and expand access to financing for MSMEs, small businesses, manufacturers, consumers, and large enterprises across Nigeria.

“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 statement read in part.

It added, “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.”

The statement emphasized that the initiative reflects President Tinubu’s commitment, as expressed in his 2025 New Year message, to expand credit access and foster inclusive economic growth.

Additional appointments to the NCGC leadership include:

Mrs. Tinoula Aigwedo – Executive Director, Strategy and Operations

Dr. Ezekiel Oseni – Executive Director, Risk Management

Ms. Yeside Kazeem – Independent Non-Executive Director and experienced actuarial professional.

President Tinubu also named representatives of key financial institutions and stakeholders as Non-Executive Board Members.

These include Mr. Aminu Sadiq-Umar (MD, Nigeria Sovereign Investment Authority), Dr. Olasupo Olusi (MD/CEO, Bank of Industry), Mr. Uzoma Nwagba (MD, Nigeria Consumer Credit Corporation), and Mrs. Oluwakemi Owonubi (representative of the Ministry of Finance Incorporated).

The company’s initial capital of ₦100 billion is provided by a consortium comprising the Ministry of Finance Incorporated, the Nigeria Sovereign Investment Authority, the Bank of Industry, and the Nigeria Consumer Credit Corporation.

In addition, the World Bank Group is providing technical assistance to the company, drawing on its global expertise in supporting similar institutions.