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President Tinubu Launches National Credit Guarantee Company (NCGC), Appoints Yakubu Dogara as Chairman

In a bold move aimed at transforming Nigeria’s credit landscape and enhancing access to finance for Micro, Small and Medium Enterprises (MSMEs), President Bola Ahmed Tinubu has officially launched the National Credit Guarantee Company Limited (NCGC). With an initial capitalization of N100 billion, the company is poised to serve as a powerful financial instrument designed to bridge the gap between lenders and borrowers, mitigate risks, and provide greater stability and confidence within Nigeria’s financial sector.

As part of this strategic financial reform, President Tinubu has approved the appointment of a high-profile board to lead the company. The former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, has been appointed Chairman of the NCGC Board, bringing with him a wealth of legislative experience, policy insight, and leadership acumen. Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer (CEO), tasked with overseeing the day-to-day operations and implementation of the company’s objectives.

Other notable appointments to the NCGC Board include:

• Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations. Aigwedo is expected to bring strategic focus to the company’s operational blueprint, ensuring the effective rollout and impact of NCGC programs.
• Dr. Ezekiel Oseni as Executive Director, Risk Management. Oseni’s expertise will be critical in developing and maintaining robust risk frameworks to safeguard credit guarantees and ensure financial sustainability.
• Ms. Yeside Kazeem, a highly respected actuarial expert, has been appointed as an Independent Non-Executive Director. Her analytical skills and independent oversight are expected to contribute to the integrity and transparency of the board.

The establishment of the NCGC reflects President Tinubu’s recognition of the key role that access to finance plays in economic development, especially in supporting entrepreneurs and driving job creation. Historically, Nigerian MSMEs and informal businesses have struggled to obtain credit due to stringent collateral requirements, high-interest rates, and perceived high risk by commercial lenders.

By introducing a government-backed credit guarantee mechanism, the NCGC seeks to alter the narrative. With its initial N100 billion fund, the company will provide guarantees to commercial banks and other financial institutions, encouraging them to lend more willingly and affordably to MSMEs, small-scale manufacturers, agribusinesses, and consumers.

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Speaking at the launch, President Tinubu reiterated his administration’s commitment to inclusive economic growth. “The National Credit Guarantee Company represents a significant leap forward in our economic agenda to support the real sector. Small businesses are the lifeblood of our economy, and we must create an enabling environment for them to thrive,” the President said.

Experts in the financial sector have welcomed the launch of the NCGC, describing it as a timely intervention that could catalyze significant transformation in Nigeria’s financial ecosystem. With a more structured and secure credit system, businesses previously locked out of formal financing opportunities are now expected to have a path forward.

In addition to supporting MSMEs, the NCGC is also expected to play a vital role in de-risking consumer lending, supporting manufacturers in scaling operations, and boosting private sector confidence. Over time, the company plans to leverage its capital base to attract further investments, develop innovative guarantee instruments, and collaborate with international financial institutions.

The appointment of Yakubu Dogara as Chairman has been met with both surprise and optimism. As a seasoned lawmaker and former Speaker, Dogara’s understanding of Nigeria’s legislative and economic terrain is expected to add immense value to the board’s strategic direction. His experience in stakeholder engagement and policy advocacy is seen as a potential advantage in harmonizing NCGC’s operations with broader national economic goals.

Mr. Bonaventure Okhaimo, the newly appointed MD/CEO, is an experienced finance professional with decades of leadership experience in commercial banking and development finance. His background positions him well to drive the company’s strategic goals, forge partnerships, and establish a strong operational foundation.

The NCGC’s leadership is expected to immediately begin work on key priorities, including the formulation of eligibility criteria for credit guarantees, engagement with banks and fintechs, development of monitoring frameworks, and capacity building programs for MSMEs to ensure they are prepared to access and utilize credit responsibly.

Economic analysts have pointed to successful credit guarantee models in other countries, such as the U.S. Small Business Administration’s loan guarantee program, as blueprints for success. If implemented effectively, the NCGC could significantly reduce Nigeria’s credit access gap, boost GDP contributions from MSMEs, and support job creation.

The long-term vision, according to the Presidency, is to establish the NCGC as a self-sustaining institution with a solid track record of supporting private sector growth while maintaining fiscal responsibility. Over time, it is expected to evolve into a key player in Nigeria’s economic development architecture.

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The launch of the NCGC is also in line with broader financial inclusion goals, especially as Nigeria continues to seek ways to bring more of its population into the formal economy. According to the Enhancing Financial Innovation & Access (EFInA) report, nearly 40% of Nigerian adults remain financially excluded. The NCGC could help reduce this number by opening new credit opportunities and encouraging formal financial participation.

In the coming months, the NCGC Board is expected to roll out a strategic implementation plan, outlining timelines, partnership models, and sector-specific programs. These will be accompanied by public sensitization efforts to ensure potential beneficiaries are aware of available opportunities and how to access them.

As President Tinubu continues to steer Nigeria through complex economic challenges, the launch of the NCGC stands out as a proactive and forward-looking policy intervention. It sends a strong signal to both domestic and international investors that Nigeria is committed to strengthening its financial infrastructure and empowering its entrepreneurial base.

The task ahead is immense, but with the caliber of leadership appointed and the clarity of the policy direction, many observers believe the NCGC has a strong foundation to succeed.