FG inaugurates CREDICORP board after N37bn consumer credit disbursement in 1 year

2026-02-26 17:31:44

The Vice President, Senator Kashim Shettima, on Thursday inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), highlighting that the institution has disbursed over N37 billion in consumer credit to Nigerians in one year of operations.

In a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), the Vice President maintained that access to consumer credit is critical to Nigeria’s ambition of becoming a one-trillion-dollar economy.

Members of the inaugurated board include the Chairman of CREDICORP, Otunba Aderemi Abdul; Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP; Olanike Kolawole, Executive Director, Operations; Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Dr. Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Engr. Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mohammed Naziru Abbas, Representative of FMITI.

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Others are Marvin Nadah, Representative of FCCPC; Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.

What They Are Saying

According to the Vice President, President Bola Ahmed Tinubu established CREDICORP to build a trusted credit infrastructure and provide catalytic capital to lower borrowing costs, while helping Nigerians overcome long-standing cultural resistance to credit.

VP Shettima disclosed that _“in just one year of operations, CREDICORP has disbursed over N37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.” _

The Vice President highlighted that the organisation is specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, and to provide wholesale capital and credit guarantees through its portfolio companies.

“Ultimately, these critical roles of CREDICORP will enable access to consumer credit for at least 50 per cent of working Nigerians by 2030,” he added.

The Vice President spoke on the new board’s role, noting that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”

He urged the board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources are non-negotiable.

On his part, the Chairman of CREDICORP, Otunba Aderemi Abdul, expressed appreciation to President Tinubu, assuring that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.

Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.

What You Should Know

In 2024, the Federal Government launched CREDICORP, a programme mandated to expand access to credit and ease the financial burden on citizens.

In February 2025, CREDICORP launched a credit scheme for the purchase of locally assembled vehicles.
In the first phase of the scheme, credit facilities were provided to hundreds of buyers of motorcycles and tricycles assembled by Simba (TVS), Nigeria’s largest manufacturer of two- and three-wheelers.

Nairametrics reported that CREDICORP and the National Automotive Design and Development Council (NADDC) provided a similar credit facility in December 2024, backed by a N20 billion consumer credit fund.

In October 2025, President Bola Tinubu announced that 153,000 Nigerians had benefited from N30 billion in affordable loans disbursed under the National Consumer Credit Corporation (CREDICORP) scheme.

Delivering his address during the national broadcast to mark Nigeria’s 65th Independence Anniversary, President Tinubu highlighted CREDICORP’s impact, noting that the facility has enabled Nigerians to acquire vehicles, solar energy systems, home upgrades, digital devices, and other essentials at affordable rates.

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