₦airaland Forum

Tinubu establishes Credit Guarantee Company with N100 billion initial capital, appoints board

President Bola Ahmed Tinubu has established the National Credit Guarantee Company Limited (NCGC) and approved the appointment of its board and management team.

The disclosure was contained in a statement released by the Presidency on Thursday.

As part of the rollout, Tinubu appointed former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the NCGC Board, while Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer.

The new institution, backed by an initial capital of N100 billion, is designed to de-risk lending and expand access to finance for Micro, Small and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large businesses across Nigeria.

“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 in part.

It added, “President Tinubu has further approved the constitution of the Board and Management of NCGC with the appointment of Rt. Hon. Yakubu Dogara as Chairman of the Board and Mr. Bonaventure Okhaimo as the Managing Director/Chief Executive Officer.”

The statement noted that the move aligns with the President’s 2025 New Year message, where he promised to unlock credit access and stimulate inclusive economic growth.

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.

SmartPolician:
How is this different from the Bank of Industry?

SmartPolician:
How is this different from the Bank of Industry? Why do these people like duplicating functions?

opalu:
Bank of Industries supposed to lend to the Small and medium businesses. Don't set up agencies

lionshare:
This entity will reduce the risk banks face when lending to the public by guaranteeing repayment of a portion of the loan in the event of default. The primary objective is to motivate financial institutions to extend more credit to individuals & corporates in the economy. A step in the right direction I must say coupled with soon coming open banking policy I think we are in for better times in terms of access to credit.

Appletek:
Must it only be the BOI that lends to businesses?
Don't you see that this one enables private capital to flow into business with this agency guaranteeing this businesses?

Don't criticise what you don't understand.

opalu:
Bank of Industries supposed to lend to the Small and medium businesses. Don't set up agencies

Centrik360:
All these schemes na packaged fraud.

If a government is doing well, it's the positive effect on the people that will spread the good news

ryloy:
https://nairametrics.com/2025/05/29/tinubu-establishes-credit-guarantee-company-with-n100-billion-initial-capital-appoints-board/

ryloy:
Campaign promise made
Campaign promise kept

Centrik360:
All these schemes na packaged fraud.

If a government is doing well, it's the positive effect on the people that will spread the good news

Brendaniel:
Couldn't they have just implemented the same policy under the BOI to carry out the same function?

So because a house does not have AC, you decide to go an build a new one because of AC you can buy and put in the house, look at the way you people reason defending nonsense because of Tinubu...
'

samuelson06:
Has this sort of arrangement ever worked or just a way of settling loyalist? What direct initiative of Tinubu is affecting the masses for good?