Tinubu Launches N100bn National Credit Guarantee Company, Appoints Dogara As Chairman

President Bola Tinubu has established the National Credit Guarantee Company (NCGC), with an initial capital of ₦100 billion, as part of efforts to unlock access to finance and stimulate economic growth across Nigeria.

The development, announced in a statement from the presidency on Thursday, includes the constitution of the company’s board, with former Speaker of the House of Representatives, Yakubu Dogara, appointed as Chairman.

The NCGC is designed to be a transformative financial institution that will de-risk lending and expand credit access to micro, small and medium enterprises (MSMEs), small corporates, manufacturers, consumers, and large businesses nationwide.

“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.

The presidency said the NCGC will strengthen confidence in the financial system, support underserved groups—particularly women and youth—and drive inclusive growth, job creation, reindustrialization, and improved living standards.

President Tinubu also approved the appointment of Bonaventure Okhaimo as Managing Director and Chief Executive Officer (CEO) of the NCGC.

Other key appointments include:

Additionally, the company’s board will feature representatives of major stakeholder institutions:

All appointments take immediate effect.

The presidency confirmed that the NCGC will begin full operations by July 2025. Its initial funding will be sourced from a consortium of key stakeholders including the Ministry of Finance Incorporated (MOFI), Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and the Nigerian Consumer Credit Corporation (CrediCorp).

The World Bank Group is also providing technical assistance, leveraging its global expertise in credit guarantee frameworks to support the new institution.

President Tinubu had earlier pledged to establish a credit guarantee company before the end of Q2 2025—a promise now fulfilled with the launch of the NCGC.