President Bola Tinubu has announced the establishment of the National Credit Guarantee Company (NCGC) with an initial capital base of ₦100 billion, marking a significant step toward expanding access to finance for Nigeria’s micro, small, and medium enterprises (MSMEs).
In a statement released Thursday, the presidency said the NCGC is a transformative financial institution designed to de-risk lending and enhance credit access for MSMEs, small corporates, manufacturers, consumers, and large enterprises across the country.
President Tinubu has also approved the constitution of the NCGC board, appointing Yakubu Dogara, former Speaker of the House of Representatives, as Chairman.
Other top appointments include:
- Bonaventure Okhaimo – Managing Director/CEO
- Tinoula Aigwedo – Executive Director, Strategy and Operations
- Ezekiel Oseni – Executive Director, Risk Management
- Yeside Kazeem – Independent Non-Executive Director
Additional non-executive board members represent key stakeholders such as the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry (BOI), and the Nigeria Consumer Credit Corporation (CrediCorp).
The NCGC will officially commence operations in July 2025, with its initial capital raised through a consortium led by MOFI, NSIA, BOI, and CrediCorp.
“This landmark move is in keeping with His Excellency’s 2025 New Year message promising to unlock credit and fuel sustainable economic growth for all,” the statement read.
The initiative is also expected to boost confidence in the financial system, support underserved groups including women and youth, and drive job creation, reindustrialization, and improved living standards for Nigerians.
The World Bank Group is supporting the company with technical assistance, leveraging global experience to ensure operational success.
President Tinubu had previously pledged to launch the credit guarantee company by the end of Q2 2025—an economic milestone now fulfilled.