Fed. Govt inaugurates CREDICORP Board
The Federal Government took a major step yesterday towards expanding financial inclusion with the inauguration of the board of the Nigerian Consumer Credit Corporation (CREDICORP). Vice President Kashim Shettima,
The Federal Government took a major step yesterday towards expanding financial inclusion with the inauguration of the board of the Nigerian Consumer Credit Corporation (CREDICORP).
Vice President Kashim Shettima, who performed the ceremony at the Presidential Villa, Abuja, emphasised that access to consumer credit is critical to the country’s ambition of becoming a one-trillion-dollar economy.
About 200,000 Nigerians have benefited from the n37 billion disbursed under the scheme in the last 18 months.
Shettima said CREDICORP was established by the Bola Ahmed Tinubu administration in April 2024 to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
According to the Vice President, improving the quality of life of Nigerians requires closing the gap between access to capital and human dignity.
He added that the organisation was specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” Shettima said.
The Vice-President, according to a statement by Senior Special Assistant to the President on Media and Communications(Office of the Vice President), Stanley Nkwocha, said ‘’a civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for 10 years to buy one.’’
‘’A young professional should not remain in darkness simply because solar power must be paid for all at once,” he added.
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Shettima revealed that over half of the 200,000 CREDICORP beneficiaries assessed formal credit for the first time.
He said that the corporation was also tasked with providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” the Vice President stated.
He emphasised that the newly inaugurated board members were not appointed for ceremonial purposes but as custodians of the institution’s mission.
Shettima stated that the long-term strength of the board would depend on the members’ “vigilance, integrity, sacrifice and commitment.”
The Vice President advised the board members to strictly uphold public service rules and to make accountability and stewardship of public resources their watchwords.
CREDICORP Chairman Aderemi Abdul thanked President Tinubu for establishing the corporation and for his confidence in the board members.
He described the scheme as a significant milestone in strengthening Nigeria’s financial architecture and assured that the board will deliver meaningful and measurable benefits to Nigerians.
Managing Director/Chief Executive Officer of CREDICORP, Uzoma Nwagba recalled that the President had, two decades ago, identified consumer credit as a vital tool for improving the lives of Nigerians.
He said that over the past 18 months, the institution had directly impacted more than 200,000 Nigerians, including students, stressing that the team considers its appointments a unique opportunity to translate the President’s long-held vision into tangible outcomes.
Aderemi Abdul chairs the board that has nine other Nigerians as members.
The members are Olanike Kolawole, executive director, Operations; Aisha Abdullahi, executive director, Credit and Portfolio Management; Armstrong Ume-Takang, managing director of the Ministry of Finance Incorporated (MoFI), representing MoFI; Bisoye Coke-Odusote, director-general of the National Identity Management Commission (NIMC), representing NIMC; and Mohammed Naziru Abbas, representing the Federal Ministry of Industry, Trade and Investment (FMITI).
Others are Marvin Nadah, representing the Federal Competition and Consumer Protection Commission (FCCPC); Chinonyelum Ndidi, representing the Federal Ministry of Finance; Mohammed Jega, independent director; and Toyin Adeniji, independent director.
