Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

With an initial investment of N100 billion, President Bola Tinubu established the National Credit Guarantee Company (NCGC).

The constitution of the NCGC board was also approved by Tinubu, who appointed former Speaker of the House of Representatives, Yakubu Dogara, as its chairman.

According to a statement from the presidency on Thursday, the company is a transformative institution aimed at improving access to financing for micro, small, and medium-sized enterprises (MSMEs) and de-risking loans.

Additionally, the NCGC is expected to provide services to consumers, manufacturers, small businesses, and large corporations across Nigeria.

“This landmark move is in keeping with His Excellency’s 2025 New Year message, which promised to unlock credit and fuel sustainable economic growth for all,” the statement said.

“The President emphasised that the initiative will strengthen confidence in the financial system, expand access to credit, and support under-served groups such as women and youth, while driving growth, reindustrialisation, job creation, and improved living standards for Nigerians.”

According to the statement, Tinubu also appointed Bonaventure Okhaimo as the Managing Director and Chief Executive Officer (CEO).

Other 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 said all appointments would take immediate effect.

“Representatives of NCGC’s major stakeholders were also appointed as Non-Executive Board Members, namely: MD, Nigeria Sovereign Investment Authority, Mr Aminu Sadiq Umar; MD/CEO, Bank of Industry, Dr Olasupo Olusi; MD, Nigeria Consumer Credit Corporation, Mr Uzoma Nwagba; as well as the representative of the Ministry of Finance Incorporated, Mrs Oluwakemi Owonubi,” the statement further reads.

The Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Managing Director of the Bank of Industry (BOI), and the Managing Director of the Nigerian Consumer Credit Corporation (CrediCorp) will provide the initial N100 billion capital for the NCGC, which is expected to begin full operations in July 2025.

The presidency added that the World Bank Group, with its extensive experience in other countries, is also providing the NCGC with technical assistance.

By the end of the second quarter (Q2) of 2025, Tinubu pledged that his administration would establish a credit guarantee company.

Legit.ng reported that the Nigerian government has begun the revalidation exercise on the National Social Register to strengthen the conditional cash transfer programme and ease the impact of economic reforms.

About 2.3 million households have been confirmed and cleared for the payment under the revamped scheme.

Abisoye Coker-Odusote, the director general of the National Identity Management Commission (NIMC), confirmed this at a recent conference at the Commission’s headquarters in Abuja.

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Source: Legit.ng