The Federal Government has taken a major step toward expanding access to consumer credit. With the formal inauguration of the Board of the Nigerian Consumer Credit Corporation (CREDICORP).
The Board was inaugurated by Vice President Kashim Shettima, who described improved access to consumer credit. As a critical pillar of Nigeria’s ambition to become a $1 trillion economy while enhancing the quality of life for citizens.
According to the Vice President, President Bola Ahmed Tinubu established CREDICORP to build a trusted national credit infrastructure. Provide catalytic capital to reduce borrowing costs, and address long-standing cultural resistance to consumer credit.
₦37 Billion Disbursed to Over 200,000 Nigerians
Mr Shettima disclosed that within just one year of operations. CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians. With more than half of the beneficiaries accessing formal credit for the first time.
He added that the Corporation has been mandated to bridge the trust gap between lenders and borrowers. By deploying wholesale capital and credit guarantees. The long-term target. He said, is to ensure that at least 50% of working Nigerians can access consumer credit by 2030.
Strong Emphasis on Accountability
The Vice President stressed that the Board’s role is not ceremonial but custodial. Charging members to uphold public service rules, the Board Charter, and governance frameworks. He emphasized that accountability and responsible stewardship of public resources remain non-negotiable.
Board Leadership and Management
Chairman of CREDICORP, Ogunba Aderemi Abdul, commended President Tinubu’s vision in establishing the Corporation. And assured Nigerians that the Board would provide strategic guidance to deliver meaningful impact nationwide.
Managing Director and Chief Executive Officer, Uzoma Nwagba, highlighted that the institution’s interventions have already benefited over 200,000 Nigerians. Including students, and pledged that the presidential vision behind CREDICORP would be diligently pursued.
Other Board Members
Other members inaugurated into the Board include Olanike Kolawole (Executive Director, Operations). Aisha Abdullahi (Executive Director, Credit and Portfolio Management), Dr Armstrong Ume Takang (Representative of the Ministry of Finance). Engr Bisoye Coke Odusote (Representative of NIMC), Mohammed Nazir Abbas (Representative of MITI), Marvin Nadah (Representative of FCCPC). Chinonye Ndidji (Representative of the Federal Ministry of Finance). Mohammed Abbas Jega (Independent Director), and Toyin Adeniji (Independent Director).
The inauguration signals the Federal Government’s renewed push to deepen financial inclusion. Stimulate consumer spending, and strengthen Nigeria’s credit ecosystem through structured and transparent reforms.
