The Managing Director of the Nigerian Consumer Credit Corporation (Credit Corp), Mr. Uzoma Nwagba, has commended President Bola Ahmed Tinubu for releasing N50 billion from the Economic and Financial Crimes Commission’s (EFCC) Recovery Account to boost the country’s consumer credit system.
Speaking during a courtesy visit to the EFCC’s headquarters in Abuja on Thursday, September 19, 2024, Mr. Nwagba described the presidential directive as “strategic and fulfilling,” noting that the fund is already being put to use to assist civil servants in need of credit facilities.
“We have commenced disbursement of credit facilities to civil servants, and the feedback has been highly encouraging,” Nwagba said. He added that the initiative is helping to tackle corruption by addressing the economic needs of Nigerians.
“I think our mandate is critical for the EFCC and our partnership because it tackles the corruption issue from a prevention standpoint. People have less incentive to be corrupt and amass wealth if they have a system that allows them to meet their basic needs,” he explained.
Nwagba praised the EFCC for its focus on preventive measures in its fight against corruption, highlighting the corporation’s role in reducing the risks of fraud and corruption.
“I admire and respect the EFCC’s focus on prevention and recovery. We have a job quite complementary to that: assessing fraud and corruption risks,” he added.
In response, the EFCC Executive Chairman, Mr. Ola Olukoyede, expressed satisfaction with Credit Corp’s mandate, noting that it aligns with the anti-graft agency’s mission. He recalled advocating for a transactional credit system during his screening before the National Assembly, stressing that consumer credit can be an effective tool against corruption.
“No economy can survive without a credit system,” Olukoyede said. “The consumer credit system will greatly assist Nigerians by reducing their propensity for economic crimes.”
Olukoyede also urged Credit Corp to ensure strict compliance with regulatory frameworks, pointing out the need to prevent financial corporations from diverting funds or charging high interest rates. He emphasized that a single-digit interest rate would better serve Nigerians and help alleviate poverty.
“We are not seeing this as just another policy; we see it as something that has the potential of taking Nigerians out of poverty,” he said.
The EFCC chairman also assured Nwagba that the anti-graft body would continue to support Credit Corp to achieve President Tinubu’s vision of a robust consumer credit system in Nigeria.
The N50 billion initiative is seen as a pivotal move to enhance consumer credit in the country, aiming to provide Nigerians with financial support while mitigating the risks of corruption and financial mismanagement.
