Vice President Kashim Shettima has inaugurated the Board of Directors of the National Credit Guarantee Company Limited (NCGC), charging members to deepen financial inclusion and stimulate Nigeria’s grassroots economy.
The new institution is designed to serve as a financial backbone for micro, small, and medium enterprises (MSMEs) struggling with access to affordable credit.
Speaking on Thursday during the inauguration ceremony at the Presidential Villa, Abuja, Vice President Shettima said the establishment of the NCGC represents the government’s commitment to bridging the financing gap that has long plagued MSMEs across the country.
President Bola Ahmed Tinubu had on 29 May 2025 announced the establishment of the company, just as he also approved the appointment of its board and management team.
The President also appointed former Speaker of the House of Representatives, Rt Hon. Yakubu Dogara, as Chairman of the NCGC Board, while Mr Bonaventure Okhaimo was appointed the Managing Director and Chief Executive Officer.
“This is our response to a stubborn challenge that has stifled our economic potential for decades—access to finance. 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,” said the Vice President while inaugurating the board.
Describing the NCGC as “a critical engine in our pursuit of economic inclusion and sustainable growth”, VP Shettima explained that the company will serve as a vital bridge between entrepreneurs and financial institutions, providing the trust needed for small businesses to secure loans.
Vital Bridge
He cited instances of farmers, traders, artisans, and tech entrepreneurs across the country who, despite being productive, are often stranded due to a lack of collateral or guarantees.
“The 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 mechanise his craft, and when a trader in Onitsha needs capital to expand, the system will no longer fail them.
It is a promise that productive Nigerians will not be stranded for want of guarantees,” the Vice President assured, urging members of the newly inaugurated board, chaired by former Speaker Dogara, to combine “prudence with courage and accountability with ambition” as they translate national policy into impact.
“This is a call to deploy your diverse expertise not only as overseers but as enablers of transformation,” he charged, stressing the importance of the new board’s leadership in unlocking capital for Nigeria’s most enterprising but underserved sectors.
“On behalf of His Excellency, President Bola Ahmed Tinubu, GFCR, and the Federal Government of Nigeria, I hereby declare the Board of Directors of the National Credit Guarantee Company Limited duly inaugurated,” he stated.
Earlier, the new board’s chairman, a former Speaker of the House of the Reps, Rt Hon. Yakubu Dogara, thanked President Tinubu for the bold and courageous leadership he is providing for the country.
“The establishment of the 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.
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.
Our democracy must deliver not just political and individual rights but economic opportunities,” he said.
The Managing Director of the Bank of Industry and member of the board, Dr Olasupo Olusi, said that the establishment of the NCGC reflects the administration’s unwavering commitment to removing structural barriers that long constrained access to finance for MSMEs, manufacturers, consumers, and other segments of the economy.