In a significant move to bolster Nigeria’s economy, President Bola Tinubu has announced the establishment of the National Credit Guarantee Company Limited (NCGC). This new entity is designed to provide a much-needed boost to the country’s financial landscape by mitigating lending risks and increasing access to credit for businesses and individuals alike.
According to a statement released by the presidency, the NCGC will be led by a seasoned board and management team. Former Speaker of the House of Representatives, Yakubu Dogara, has been appointed as the Chairman of the NCGC Board, bringing his wealth of experience to the role. Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer, overseeing the day-to-day operations of the company. The team will be further supported by Mrs. Tinoula Aigwedo, who has been appointed as Executive Director of Strategy and Operations, and Dr. Ezekiel Oseni, who will take on the role of Executive Director, Risk Management. Additionally, Yeside Kazeem, an experienced actuarial expert, has been appointed as an Independent Non-Executive Director.
The NCGC has been launched with an initial fund of N100 billion, which will be used to support its mission of increasing financial access for Micro, Small and Medium Enterprises (MSMEs), small businesses, manufacturers, consumers, and larger companies across Nigeria. By providing credit guarantees, the NCGC aims to reduce the risks associated with lending, making it easier for businesses to secure the funding they need to grow and thrive.
This move is seen as a significant step towards stimulating economic growth and development in Nigeria. With the NCGC in place, businesses and individuals will have greater access to credit, which will enable them to invest in their operations, create jobs, and contribute to the country’s economic prosperity. As the NCGC begins its work, it is expected to have a positive impact on the Nigerian economy, and its success will be closely watched by businesses, investors, and stakeholders across the country.
