President Bola Ahmed Tinubu has launched a new institution aimed at transforming Nigeria’s credit environment, with the establishment of the National Credit Guarantee Company Limited (NCGC)—a financial vehicle designed to unlock credit for businesses and households long shut out of Nigeria’s lending system.
According to a statement released Thursday by the Presidency, former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, has been appointed Chairman of the NCGC board, while Mr. Bonaventure Okhaimo will serve as Managing Director and Chief Executive Officer. The institution is backed by an initial capital base of N100 billion, sourced from a consortium of government-backed institutions.
“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.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
The NCGC is intended to address Nigeria’s chronic access-to-credit problem, especially for the underbanked and underserved. The company will help reduce the risk banks face in lending to small businesses and individuals, by providing guarantees on loans, thereby promoting a more inclusive financial system.
According to the Presidency, the NCGC aligns with Tinubu’s 2025 New Year message, where he pledged to “unlock credit access and stimulate inclusive economic growth.” The company will target MSMEs, which constitute over 90% of businesses in Nigeria, as well as larger corporates, manufacturers, and consumers who lack access to affordable credit.
In addition to expanding financial inclusion, the company is expected to strengthen confidence in the financial system, promote industrialization, generate employment opportunities, and target specific demographics like women and youth, who have traditionally faced difficulty securing loans due to lack of collateral or credit history.
Key Appointments to Board and Management
President Tinubu has named a mix of public-sector technocrats and private-sector experts to drive the NCGC’s mission. In addition to Dogara and Okhaimo, the executive management includes:
- Mrs. Tinoula Aigwedo, appointed Executive Director of Strategy and Operations.
- Dr. Ezekiel Oseni, named Executive Director, Risk Management.
- Ms. Yeside Kazeem, a seasoned actuarial expert, will serve as an Independent Non-Executive Director.
The President also appointed representatives from Nigeria’s leading financial institutions and government investment arms as non-executive board members:
- Mr. Aminu Sadiq-Umar, Managing Director of the Nigeria Sovereign Investment Authority (NSIA).
- Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI).
- Mr. Uzoma Nwagba, Managing Director of the Nigeria Consumer Credit Corporation (CrediCorp).
- Mrs. Oluwakemi Owonubi, representing the Ministry of Finance Incorporated (MOFI).
The NCGC’s N100 billion initial capital is jointly funded by MOFI, NSIA, BOI, and CrediCorp. In a further boost to its institutional credibility, the World Bank Group is providing technical assistance, drawing on global experience with credit guarantee schemes to help establish regulatory frameworks and operational best practices.
The support from the World Bank is expected to help NCGC develop risk-sharing frameworks, performance benchmarks, and transparency tools to monitor the effectiveness of guarantees issued and to avoid moral hazards in loan issuance.
Reforming Nigeria’s Credit Sector
The creation of the NCGC comes at a time when Nigeria’s credit penetration remains critically low, with just 3 to 5 percent of Nigerians having access to formal credit, according to industry estimates. Collateral demands, high interest rates, and underdeveloped credit scoring systems have been major obstacles to growth.
While the Central Bank of Nigeria has attempted credit interventions through the Anchor Borrowers Programme and other lending schemes, the outcomes have been mixed, often plagued by repayment defaults and political interference.
By design, the NCGC is intended to act independently, using a risk-based framework to guarantee loans issued by commercial banks and microfinance institutions, thereby creating a viable lending ecosystem where banks can lend confidently and borrowers can access finance without excessive collateral requirements.
The establishment of the NCGC is also expected to complement President Tinubu’s recent move to launch the Nigeria Consumer Credit Corporation (CrediCorp), a parallel initiative focused on improving consumer credit access. Together, the two institutions are part of broader economic reforms aimed at boosting domestic demand, supporting small business growth, and fostering financial inclusion.