Tinubu Launches National Credit Guarantee Company, Appoints Dogara as Chairman

By Iyojo Ameh

President Bola Ahmed Tinubu has approved the establishment of the National Credit Guarantee Company (NCGC), a new government-owned institution designed to expand access to finance for businesses and consumers across the country.

The NCGC, described by the presidency as a “transformative institution,” is expected to commence operations in July 2025 with a starting capital of N100 billion. The initiative aims to reduce lending risks and improve credit access for micro, small, and medium-sized enterprises (MSMEs), manufacturers, large corporations, and individual consumers.

In a statement issued on Thursday, the presidency announced that former Speaker of the House of Representatives, Yakubu Dogara, has been appointed as Chairman of the Board of the new institution.

“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. It further emphasized that the initiative will bolster confidence in the financial system, support underserved groups such as women and youth, and contribute to job creation, reindustrialization, and improved living standards.

The leadership team of the NCGC will be headed by Bonaventure Okhaimo, who has been appointed as the Managing Director and Chief Executive Officer. Other key executive appointments include:
Tinoula Aigwedo, Executive Director, Strategy and Operations; Ezekiel Oseni, Executive Director, Risk Management and Yeside Kazeem, Independent Non-Executive Director (Actuarial Expert).

The board also includes non-executive members representing major stakeholders:
Aminu Sadiq Umar, MD/CEO of the Nigeria Sovereign Investment Authority (NSIA), Dr. Olasupo Olusi, MD of the Bank of Industry (BOI); Uzoma Nwagba, MD of the Nigeria Consumer Credit Corporation (CrediCorp) and Mrs. Oluwakemi Owonubi, representing the Ministry of Finance Incorporated (MOFI)

The company’s capital is being funded by a consortium including MOFI, NSIA, BOI, and CrediCorp. Additionally, the World Bank Group is providing technical support for the new entity, drawing on its experience with similar initiatives globally.

President Tinubu had earlier pledged to establish a credit guarantee institution by the end of the second quarter of 2025. Thursday’s announcement confirms that the administration is on track to deliver on that commitment.