The Federal Government on Thursday inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), marking a milestone after the institution disbursed over N37 billion in consumer credit to Nigerians in just one year.
Vice President Senator Kashim Shettima, who led the inauguration, emphasised that access to consumer credit is central to Nigeria’s ambition of becoming a one-trillion-dollar economy.
The newly inaugurated board includes:
- Otunba Aderemi Abdul, Chairman
- Engr. Uzoma Nwagba, Managing Director/CEO
- Olanike Kolawole, Executive Director, Operations
- Aisha Abdullahi, Executive Director, Credit and Portfolio Management
- Dr. Armstrong Ume-Takang, MoFI Representative
- Engr. Bisoye Coke-Odusote, NIMC Representative
- Mohammed Naziru Abbas, FMITI Representative
- Marvin Nadah, FCCPC Representative
- Chinonyelum Ndidi, Federal Ministry of Finance Representative
- Mohammed Abbas Jega and Toyin Adeniji, Independent Directors
Vice President Shettima highlighted that in its first year, CREDICORP provided loans to more than 200,000 Nigerians, with over half accessing formal credit for the first time. He explained that the institution was created to build trust in Nigeria’s credit system, lower borrowing costs, and provide wholesale capital and credit guarantees.
“CREDICORP’s work will enable at least 50% of working Nigerians to access consumer credit by 2030,” he added. The Vice President also stressed that the board’s effectiveness will depend on vigilance, integrity, and commitment, urging strict adherence to governance and accountability standards.
Chairman Otunba Aderemi Abdul assured that the board is ready to guide the institution to deliver meaningful benefits to Nigerians. CEO Engr. Uzoma Nwagba noted that the programme has already impacted students and other citizens, improving access to essential goods and services.
Launched in 2024, CREDICORP aims to expand access to credit and ease the financial burden on Nigerians. Key initiatives include:
- February 2025: Credit scheme for purchasing locally assembled vehicles, including motorcycles and tricycles by Simba (TVS)
- December 2024: N20 billion consumer credit fund in collaboration with NADDC
- October 2025: Affordable loans reaching 153,000 Nigerians, totaling N30 billion
The programme has enabled Nigerians to acquire vehicles, solar energy systems, home upgrades, digital devices, and other essentials at affordable rates, reinforcing the government’s drive to support economic growth and financial inclusion.
