Vice President Kashim Shettima has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), describing access to consumer credit as critical to Nigeria’s ambition of becoming a one-trillion-dollar economy.
Shettima said President Bola Tinubu established CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and address long-standing cultural resistance to credit in the country.
Speaking on Thursday in Abuja while inaugurating the board on behalf of the president, the vice president said improving Nigerians’ quality of life requires 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,” Shettima said.
Shettima disclosed that in just one year of operation, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians.
According to him, more than half of the beneficiaries accessed formal credit for the first time.
He explained that the corporation was specifically mandated to build credit infrastructure that bridges the trust gap between lenders and borrowers. This includes 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 emphasised that the board’s role is not ceremonial, noting that members are custodians of the institution’s mission.
He added that the long-term strength of CREDICORP would depend on the board’s vigilance, integrity, sacrifice, and commitment.
The vice president directed members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks. He warned that accountability and stewardship of public resources are non-negotiable.
Chairman of CREDICORP, Otunba Aderemi Abdul, expressed appreciation to Tinubu for the vision behind the corporation and for the confidence reposed in the board.
He described the establishment of CREDICORP as a significant step toward strengthening Nigeria’s financial architecture and assured that the board would guide the institution to deliver tangible benefits to Nigerians.
Managing Director and CEO of CREDICORP, Uzoma Nwagba, recalled hearing Tinubu speak two decades ago about consumer credit as a key tool for improving living standards.
Nwagba noted that in the past 18 months, the institution has impacted more than 200,000 Nigerians, including students. He said the team views its mandate as a unique opportunity to drive lasting change.
Other board members inaugurated include Olanike Kolawole, Executive Director (Operations); Aisha Abdullahi, Executive Director (Credit and Portfolio Management); Dr. Armstrong Ume-Takang, Managing Director of MoFI and representative of MoFI; Engr. Bisoye Coke-Odusote, Director-General of NIMC and representative of NIMC; and Mohammed Naziru Abbas, representative of FMITI.
Also inaugurated were Marvin Nadah, representative of FCCPC; Chinonyelum Ndidi, representative of the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.
