Vice President Kashim Shettima on Thursday inaugurated the Board of Directors of the newly established National Credit Guarantee Company Limited (NCGC Ltd), describing it as a critical solution to Nigeria’s long-standing MSME financing challenges.
Speaking at the ceremony held at the Presidential Villa, Shettima emphasised that the NCGC would serve as a financial bridge for micro, small, and medium enterprises (MSMEs), enabling them to access affordable credit and drive grassroots economic growth.
The NCGC’s establishment follows President Bola Ahmed Tinubu’s announcement on May 29, 2025, as part of his administration’s efforts to bolster financial inclusion.
The President also approved the appointment of former House of Representatives Speaker, Rt. Hon. Yakubu Dogara, as Board Chairman, with Mr. Bonaventure Okhaimo as Managing Director and CEO.
“This is our response to a stubborn challenge that has stifled our economic potential for decades—access to finance,” Shettima declared. “These entrepreneurs do not ask for handouts; they ask for the credibility of their ideas to be matched by the confidence of our financial institutions.”
The Vice President explained that the NCGC would act as a guarantor, reducing risks for lenders and enabling small businesses to secure loans without stringent collateral demands.
“NCGC is that bridge. It is the assurance that when a farmer in Ibadan needs a loan to expand her cocoa farm, when a tech start-up in Abuja needs working capital to scale, when a leather artisan in Kano seeks to mechanize his craft, and when a trader in Onitsha needs capital to expand, the system will no longer fail them,” Shettima stated.
He urged the board to combine “prudence with courage, accountability with ambition” in executing their mandate, stressing that their role is pivotal in unlocking capital for underserved sectors.
In his remarks, Board Chairman Rt. Hon. Yakubu Dogara thanked President Tinubu for the initiative, describing it as a crucial step in delivering economic opportunities to Nigerians.
“The establishment of NCGC is an attempt to give vent to our democracy to deliver on its promise. As it is said, the promise of democracy is life, liberty, and the pursuit of happiness,” Dogara said. “You can be alive and may enjoy all the rights, but if you don’t have the means with which to pursue happiness, you are excluded from the promise of democracy.”
Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI) and a board member, noted that the NCGC reflects the administration’s commitment to dismantling financial barriers for MSMEs.
“This milestone is a result of dedicated hard work by a coalition of partners like BOI, Ministry of Finance Incorporated, Nigerian Consumer Credit Corporation, Nigeria Sovereign Investment Authority, and the World Bank, who have all worked closely together under the direction of the Presidential Committee,” he said.
- Mrs. Tinoula Aigwedo (Executive Director, Strategy & Operations)
- Dr. Ezekiel Oseni (Executive Director, Risk Management)
- Ms. Yeside Kazeem (Independent Non-Executive Director)
Representatives from key financial institutions serving as Non-Executive Directors include:
- Mr. Aminu Sadiq-Umar (MD, Nigeria Sovereign Investment Authority) Mr. Uzoma Nwagba (MD, Nigeria Consumer Credit Corporation) Mrs. Oluwakemi Owonubi (Ministry of Finance Incorporated)
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