In a push to modernize Nigeria’s financial landscape, Vice President Kashim Shettima launched the CREDICORP Board on Thursday, describing credit access as a “critical” engine for the nation’s growth.
According to Shettima, CREDICORP was established to dismantle cultural barriers to borrowing and lower interest rates through catalytic capital.
By building a trusted credit infrastructure, the federal government intends to empower Nigerians to invest in their futures and drive the country toward its ambitious $1 trillion GDP target.
“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.
He disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 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 is 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 in a statement by Stanley Nkwocha, the
Senior Special Assistant to the President on Media and Communications, Office of the Vice President.
The Vice President explained that the new board’s role is not ceremonial as they are 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, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.
In his opening remarks, CREDICORP Chairman Otunba Aderemi Abdul lauded President Tinubu’s vision, calling the corporation’s formation a landmark step in fortifying Nigeria’s financial framework.
Expressing gratitude for the President’s confidence in the newly appointed board, Abdul assured that the team fully grasps the weight of their responsibility and is committed to delivering tangible economic benefits to the citizenry.
Adding a personal perspective, Managing Director Uzoma Nwagba recalled hearing the President advocate for consumer credit as a transformative tool over two decades ago.
Nwagba highlighted that this long-term vision is already yielding results; in just 18 months, CREDICORP has supported over 200,000 Nigerians, including a significant number of students.
He emphasized that the team views their mission as a “once-in-a-lifetime opportunity” to reshape the nation’s economic future.
Other board members include 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.
Mr. Marvin Nadah, Representative of FCCPC; Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director, also made the list.
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