Tinubu appoints Otunba Aderemi Abdul, Nwagba, Kolawole and six others to board of Nigerian Consumer Credit Corporation

President Bola Ahmed Tinubu has announced the appointment of new members to the board of the Consumer Credit Corporation of Nigeria (CREDICORP), a move aimed at expanding access to consumer credit for Nigerians.

Special Adviser to the President, Chief Ajuri Ngelale informed the public about the incident in a press statement issued on Wednesday.

Ngelale stressed that the purpose of these appointments is to leverage the skills and commitment of these individuals to achieve CREDICORP’s objective of increasing the availability of consumer credit across Nigeria.

The board will be composed of executive and non-executive directors from various sectors.

Nominations

President Bola Ahmed Tinubu has approved the appointment of Otunba Aderemi Abdul as the Chairman of the Board of the Nigerian Consumer Credit Corporation (CREDICORP). Abdul will serve as an independent non-executive director.

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Eng. Uzoma Nwagba has been appointed Managing Director and Chairman of the Board of CREDICORP.
Ms. Aisha Abdullahi will assume the position of Executive Director (Credit, Risk & Portfolio)/CRO.
Ms. Olanike Kolawole has been appointed Executive Director (Operations)/COO.
Dr. Armstrong Ume Takang will serve as a non-executive director representing the Ministry of Finance (MOFI).
Dr Peter Iwegbu has been appointed as a Non-Executive Director representing the National Identity Management Commission (NIMC).
Mr. Mohammed Nasiru Abbas will serve as Non-Executive Director representing the Federal Ministry of Industry, Trade and Investment (FMITI).
Mr. Marvin Nadah has been appointed as a Non-Executive Director representing the Federal Competition and Consumer Protection Commission (FCCPC).
A representative of the Federal Ministry of Finance (FMF) will also serve as a non-executive director on the Management Board.

What you should know

Uzoma Nwagba, Chief Executive Officer (CEO) of the Nigerian Consumer Credit Corporation, revealed that about 1.8 million Nigerians have have expressed interest in the program from April 2024, when the Consumer Credit Program was launched.

In an interview with CNBC Africa, Nwagba highlighted the structural challenges in Nigeria, particularly issues related to data and trust, that hinder effective and widespread access to consumer credit.

Nwagba noted that despite the existence of programmes such as the Student Loan Fund, the data on expressed interest indicates a high demand for consumer loans among public servants and students.

Nwagba stated:Expression of interest has become a way for Nigerians to not only let us know that they want consumer credit, but also let us know about themselves. As of today, we are approaching 1.9 million people who have expressed interest in receiving consumer credit support.

According to him, these interests cover every state in Nigeria, with representatives representing over 90% of the local government areas (LGAs). This information means that there are a lot of applications for consumer loans, especially from government officials.

He added that the credibility of consumer loans in Nigeria is severely limited due to the lack of data and infrastructure necessary to track credit performance, which creates a lack of trust among financial institutions.

To address these issues and increase the availability of consumer credit, which will contribute to economic growth as well as the financial inclusion of millions of Nigerians, President Tinubu’s decision to appoint a diverse and experienced board of CREDICORP is very important.