Nigerian President, Bola Tinubu has established a new Credit Guarantee Company called National Credit Guarantee Company Limited (NCGC). Tinubu had in his 2025 New Year message announced plans to increase credit access to businesses and individuals in the country.
The agency is backed by an initial capital of N100 billion with a mandate expand credit access for Micro, Small and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large businesses across the country.
Additionally, the new company will help build public trust in the financial ecosystem by supporting the underbanked population, boosting industrialisation and creating employment.
The company’s N100 billion initial capital is provided by a group consisting of the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry (BOI), and the Nigeria Consumer Credit Corporation (CrediCorp).
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Also, the World Bank Group is offering technical assistance to the new company, leveraging its global experience with similar institutions.
To kickstart operations, President Tinubu appointed former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the company, while Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer.
Other key appointments include Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations; Dr. Ezekiel Oseni as Executive Director, Risk Management; and Ms. Yeside Kazeem, an experienced actuarial expert, as an Independent Non-Executive Director.
