Vice President Kashim Shettima has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), saying access to consumer credit is critical to Nigeria’s ambition of becoming a one-trillion-dollar economy.
According to Shettima, President Bola Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
Speaking on Thursday in Abuja, when he inaugurated the board on behalf of the president, Shettima said the quality of life of Nigerians could not improve without closing the gap between access to capital and human dignity.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the vice president said.
Shettima disclosed that in just one year of operation, CREDICORP had 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.
He said 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,” he said.
Shettima explained that the new board’s role was not ceremonial, as they were custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment”.
He directed board members to uphold Public Service Rules, Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources are non-negotiable.
Earlier, Chairman of CREDICORP, Otunba Aderemi Abdul, expressed appreciation to Tinubu for the vision behind the formation of CREDICORP and for the confidence reposed in them.
Abdul said the establishment of the corporation marked an important step towards strengthening the country’s financial architecture.
He assured Tinubu that the board understood its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.
Managing Director/CEO of CREDICORP, Uzoma Nwagba, recalled watching Tinubu saying 20 years ago that consumer credit was one of the major tools that will improve the lives of Nigerians.
Nwagba stated that over the past 18 months, the institution had benefited more than 200,000 Nigerians, including students.
He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considered their appointments a unique, once-in-a-lifetime opportunity.
Other members of the board inaugurated included 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.
Others included Marvin Nadah, Representative of FCCPC; ChinonyelumNdidi, Representative of Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.
Deji Elumoye
Follow us on:
