President Bola Ahmed Tinubu has appointed Rt. Hon. Yakubu Dogara, former Speaker of the House of Representatives, as the Chairman of the newly established National Credit Guarantee Company Limited (NCGC). This landmark appointment, announced today, marks a significant step toward enhancing access to finance for millions of Nigerians, particularly Micro, Small, and Medium Enterprises (MSMEs), small corporates, manufacturers, and underserved demographics such as women and youth.
The NCGC, backed by an initial capital injection of N100 billion, is poised to revolutionize Nigeria’s financial landscape by de-risking lending and fostering greater confidence in the nation’s credit system. With full operations set to commence in July 2025, the agency is expected to play a pivotal role in promoting industrialization, creating employment opportunities, and unlocking economic potential across diverse sectors. President Tinubu’s appointment of Dogara, a seasoned politician and legal luminary, underscores the administration’s commitment to leveraging experienced leadership to tackle Nigeria’s economic challenges.
A Vision for Financial Inclusion and Economic Growth
The establishment of the NCGC comes at a critical juncture for Nigeria, where access to affordable credit remains a significant barrier for businesses and individuals alike. MSMEs, which form the backbone of Nigeria’s economy, often struggle to secure loans due to high interest rates, stringent collateral requirements, and perceived risks by financial institutions. The NCGC aims to address these challenges by providing credit guarantees that mitigate risks for lenders, thereby encouraging banks and financial institutions to extend loans to underserved sectors.
The agency’s mandate is expansive, targeting not only MSMEs but also small corporates, manufacturers, consumers, and large businesses. By reducing the financial risks associated with lending, the NCGC seeks to stimulate investment, boost productivity, and create a ripple effect of economic opportunities. According to a statement from the Presidency, the NCGC will prioritize underbanked groups, including women and youth, who have historically faced systemic barriers to accessing capital. This focus aligns with the Tinubu administration’s broader agenda of fostering inclusive economic growth and reducing poverty.
Leadership with a Proven Track Record
Rt. Hon. Yakubu Dogara, the newly appointed Chairman, brings a wealth of experience to the NCGC. A lawyer by training, Dogara served as the Speaker of the House of Representatives from 2015 to 2019, during which he earned a reputation for his legislative acumen and commitment to public service. His tenure as Speaker was marked by efforts to advance economic reforms and strengthen governance structures, making him a fitting choice to lead the NCGC.
Dogara’s appointment is complemented by a robust leadership team, carefully selected to ensure the agency’s success. The board includes:
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Bonaventure Okhaimo, Managing Director and Chief Executive Officer, who will oversee the agency’s day-to-day operations and strategic direction.
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Tinoula Aigwedo, Executive Director of Strategy and Operations, tasked with driving the agency’s operational efficiency and long-term vision.
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Ezekiel Oseni, Executive Director of Risk Management, responsible for ensuring the agency’s risk mitigation strategies are robust and effective.
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Yeside Kazeem, an Independent Non-Executive Director, who will provide objective oversight and strategic guidance.
This diverse and accomplished leadership team is expected to work collaboratively to position the NCGC as a cornerstone of Nigeria’s financial system, fostering trust among stakeholders and delivering measurable economic impact.
A Game-Changer for Nigeria’s Economy
The NCGC’s establishment is a bold step toward addressing long-standing gaps in Nigeria’s financial sector. By providing credit guarantees, the agency will enable financial institutions to lend with greater confidence, particularly to high-risk but high-potential sectors such as agriculture, manufacturing, and technology. This, in turn, is expected to spur innovation, create jobs, and drive sustainable economic growth.
The agency’s initial N100 billion capital base signals the government’s commitment to making the NCGC a transformative force. Analysts predict that the agency’s interventions could unlock billions of naira in additional lending, significantly boosting the capacity of businesses to scale and compete in both local and global markets. Moreover, the focus on women and youth is particularly noteworthy, as these groups represent a significant portion of Nigeria’s population and entrepreneurial talent. Empowering them with access to credit could have far-reaching social and economic benefits, from reducing unemployment to fostering community development.
Looking Ahead: Challenges and Opportunities
While the NCGC holds immense promise, its success will depend on effective implementation and stakeholder collaboration. Nigeria’s financial sector has historically grappled with challenges such as loan defaults, regulatory complexities, and limited financial literacy among borrowers. The NCGC will need to navigate these hurdles while building partnerships with banks, microfinance institutions, and international development organizations to maximize its impact.
Additionally, the agency’s ability to maintain transparency and accountability will be critical to sustaining public and investor confidence. Dogara’s leadership, combined with the expertise of the board, positions the NCGC to address these challenges head-on. The agency’s planned launch in July 2025 will be closely watched by industry stakeholders, policymakers, and citizens alike, as it represents a bold experiment in economic reform.
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