The Vice-President Senator Kashim Shettima has inaugurated the board of the Nigerian Consumer Credit Corporation (CreditCorp), saying access to consumer credit is central to Nigeria’s ambition of building a $1 trillion economy.
Shettima inaugurated the board on Thursday in Abuja on behalf of President Bola Tinubu.
Speaking at the event, the vice-president said the establishment of CreditCorp reflects the administration’s resolve to build a trusted credit infrastructure, provide catalytic capital to reduce borrowing costs, and address what he described as Nigeria’s long-standing cultural resistance to credit.
According to Shettima, 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,” the vice-president said.
“A young professional should not remain in darkness simply because solar power must be paid for all at once.”
In just one year of operations, he said CreditCorp has disbursed over N37 billion in consumer credit to more than 200,000 Nigerians, adding that over half of the beneficiaries accessed formal credit for the first time.
“Ultimately, these critical jobs of CreditCorp will enable access to consumer credit to at least 50 percent of working Nigerians by 2030,” he said.
The politician told members of the newly inaugurated board that their roles are not ceremonial, describing them as custodians of the institution’s mission.
He said the long-term strength of CreditCorp would depend on their vigilance, integrity, sacrifice, and commitment.
The vice-president directed them to uphold public service rules, the board charter and all applicable governance frameworks, warning that accountability and stewardship of public resources are non-negotiable.
In his remarks, Aderemi Abdul, Chairman of CreditCorp, thanked Tinubu for what he described as a bold vision behind the formation of the corporation, noting that it marks a significant step toward strengthening Nigeria’s financial architecture.
Also speaking, Uzoma Nwagba, the managing director and chief executive officer of CREDICORP, said the institution has benefited more than 200,000 Nigerians over the past 18 months, including students.
Nwagba said the team considers its appointment a unique opportunity to advance the president’s long-held vision of expanding consumer credit access in the country.
Other members of the board inaugurated include 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 the agency; Bisoye Coke-Odusote, director-general of the National Identity Management Commission (NIMC); and Mohammed Naziru Abbas, representing the federal ministry of industry, trade, and investment.
Also on the board are Marvin Nadah, representing the Federal Competition and Consumer Protection Commission (FCCPC); Chinonyelum Ndidi, representing the federal ministry of finance; Mohammed Abbas Jega, independent director, and Toyin Adeniji, independent director.
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