In a significant step toward formalizing Nigeria’s evolving credit landscape, Vice President Senator Kashim Shettima has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP). The ceremony comes on the heels of the institution disbursing over N37 billion in consumer credit to Nigerians within its first year of operation.
According to a statement from the Office of the Vice President, Shettima emphasized that robust access to consumer credit is a critical pillar for achieving Nigeria’s ambition of building a one-trillion-dollar economy. The corporation, established by President Bola Ahmed Tinubu, aims to construct a trusted credit infrastructure, provide catalytic capital to reduce borrowing costs, and shift cultural attitudes toward credit usage.
The newly inaugurated board is tasked with overseeing CREDICORP’s mission to bridge the trust gap between lenders and borrowers. The institution operates by providing wholesale capital and credit guarantees through its portfolio companies. The board is chaired by Otunba Aderemi Abdul, with Engr. Uzoma Nwagba serving as Managing Director/CEO. Other members include Executive Directors Olanike Kolawole and Aisha Abdullahi, alongside representatives from key government agencies and independent directors.
During the inauguration, the Vice President charged the board with ensuring the institution’s long-term strength through vigilance, integrity, and commitment. He underscored that accountability and prudent stewardship of public resources are non-negotiable, urging strict adherence to Public Service Rules and governance frameworks. In his response, Board Chairman Otunba Aderemi Abdul assured that the board understands its profound responsibility to guide CREDICORP in delivering tangible benefits to the citizenry.
Providing an operational update, CEO Engr. Uzoma Nwagba stated that over the past 18 months, CREDICORP’s initiatives have benefited more than 200,000 Nigerians, including students. This builds on the Federal Government’s 2024 launch of the program, designed to ease financial burdens. In a similar vein, as Tinubu urges Nigerians to embrace formal economic structures, initiatives like consumer credit gain importance. The corporation previously collaborated with the National Automotive Design and Development Council in December 2024 on a N20 billion consumer credit fund for vehicle purchases.
The establishment of CREDICORP reflects a strategic focus on economic inclusion and stability. As the nation navigates complex developments, from economic reforms to external relations—such as when the EU removes Nigeria from certain watchlists—the success of domestic programs like this remains pivotal. Just as the army will not waver in its duty to protect, institutions like CREDICORP are central to securing economic prosperity for all citizens.
