Revealed! launch of N100bn credit scheme for Nigerians

• President Bola Tinubu has launched the National Credit Guarantee Company (NCGC) with an archetypal N100 cardinal concern to amended entree to financing
• He besides approved the board's formation, appointing Yakubu Dogara arsenic president and respective different cardinal figures to enactment roles
• The NCGC, supported by MOFI, NSIA, BOI, CrediCorp, and the World Bank, is expected to statesman afloat operations successful July 2025

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

With an archetypal concern of N100 billion, President Bola Tinubu established the National Credit Guarantee Company (NCGC).

President Tinubu approved the constitution of the NCGC board. Photo Credit: FG, Contributor
Source: Getty Images

The constitution of the NCGC committee was besides approved by Tinubu, who appointed erstwhile Speaker of the House of Representatives, Yakubu Dogara, arsenic its chairman.

According to a connection from the presidency connected Thursday, the institution is simply a transformative instauration aimed astatine improving entree to financing for micro, small, and medium-sized enterprises (MSMEs) and de-risking loans.

Additionally, the NCGC is expected to supply services to consumers, manufacturers, tiny businesses, and ample corporations crossed Nigeria.

“This landmark determination is successful keeping with His Excellency’s 2025 New Year message, which promised to unlock recognition and substance sustainable economic growth for all,” the connection said.“The President emphasised that the inaugural volition fortify assurance successful the fiscal system, grow entree to credit, and enactment under-served groups specified arsenic women and youth, portion driving growth, reindustrialisation, occupation creation, and improved surviving standards for Nigerians.”

According to the statement, Tinubu besides appointed Bonaventure Okhaimo arsenic the Managing Director and Chief Executive Officer (CEO).

Other cardinal appointments see Tinoula Aigwedo arsenic Executive Director of Strategy and Operations; Ezekiel Oseni arsenic Executive Director of Risk Management; and Yeside Kazeem — an actuarial adept — arsenic an Independent Non-Executive Director.

The presidency said each appointments would instrumentality contiguous effect.

“Representatives of NCGC’s large stakeholders were besides appointed arsenic Non-Executive Board Members, namely: MD, Nigeria Sovereign Investment Authority, Mr Aminu Sadiq Umar; MD/CEO, Bank of Industry, Dr Olasupo Olusi; MD, Nigeria Consumer Credit Corporation, Mr Uzoma Nwagba; arsenic good arsenic the typical of the Ministry of Finance Incorporated, Mrs Oluwakemi Owonubi,” the connection further reads.

The Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Managing Director of the Bank of Industry (BOI), and the Managing Director of the Nigerian Consumer Credit Corporation (CrediCorp) volition supply the archetypal N100 cardinal superior for the NCGC, which is expected to statesman afloat operations successful July 2025.

Tinubu had pledged that his medication would found a recognition warrant company. Photo Credit: Contributor
Source: Getty Images

The presidency added that the World Bank Group, with its extended acquisition successful different countries, is besides providing the NCGC with method assistance.

By the extremity of the 2nd 4th (Q2) of 2025, Tinubu pledged that his medication would found a recognition warrant company.

FG clears 2 cardinal households for N75,000 currency transportation

Legit.ng reported that the Nigerian authorities has begun the revalidation workout connected the National Social Register to fortify the conditional currency transportation programme and easiness the interaction of economical reforms.

About 2.3 cardinal households person been confirmed and cleared for the outgo nether the revamped scheme.

Abisoye Coker-Odusote, the manager wide of the National Identity Management Commission (NIMC), confirmed this astatine a caller league astatine the Commission’s office successful Abuja.

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Source: Legit.ng