The presidency has announced the establishment of the National Credit Guarantee Company Limited, NCGC, by President Bola Tinubu.

According to a statement issued by the presidency on Thursday, Tinubu also approved the appointment of the company’s board and management team.

While former Speaker of the House of Representatives, Yakubu Dogara was appointed as Chairman of the NCGC Board, Mr Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer, CEO.

President Tinubu also appointed Mrs Tinoula Aigwedo as Executive Director of Strategy and Operations while Dr Ezekiel Oseni will serve as Executive Director, Risk Management.

According to the statement, Yeside Kazeem, an “experienced actuarial expert”, was also appointed an Independent Non-Executive Director.

The statement added that the new entity, “supported by an initial fund of N100 billion, aims to mitigate the risks associated with lending and increase financial access for Micro, Small and Medium Enterprises, MSMEs, small businesses, manufacturers, consumers, and larger companies throughout Nigeria.”