By Barth Ikiebe in Abuja.
Photo: Mr. Wale Edun (3rd left) Dr. Doris Uzoka-Anite( 2nd Left) with the newly appointed MD/CEO, Mr. Thompson Oludare Sunday (1st left) and Executive Director (Operations) NDIC, Dr. Kabir Sabo Katata (1st right)
The federal government has inaugurated new Directors of Nigeria Deposit Insurance Corporation, NDIC, to strengthen financial stability and investors confidence.
The new leadership, led by the Managing Director, Dr Thompson Oludare Sunday and Executive Director Dr Ibrahim Sabo katata, was inaugurated by the Finance and Coordinating Minister of the Economy, Mr Wale Edun on Friday in Abuja.
The new NDIC management was appointed by President Bola Ahmed Tinubu, and it is expected to play a pivotal role in advancing Nigeria’s macroeconomic reform agenda.
The NDIC, established to protect depositors and uphold confidence in the banking system, is a cornerstone of Nigeria’s drive to boost investment, deepen financial inclusion and maintain systemic stability. With increased coverage limits now set at ₦5 million for deposit money banks and ₦2 million for microfinance institutions, the Corporation is positioned to support domestic capital mobilisation and strengthen the financial ecosystem for the private sector.
Mr Edun said that, “Domestic savings are the engine of sustainable investment. A trusted and stable financial system, anchored by institutions like the NDIC, is essential to lifting millions out of poverty and driving Nigeria’s transition to a $1 trillion economy”.
Speaking earlier, the Minister of State for Finance, Dr Doris Uzoka-Anite, described the NDIC as a cornerstone of public trust in the banking system, emphasising its renewed mandate under the 2023 Act.
Mr Sunday pledged the board’s commitment to national development, stating, “We will deliver on our responsibilities and play our part in achieving the President’s $1 trillion economic vision”.
In her closing remarks, the Permanent Secretary of the Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, praised the seamless leadership transition and affirmed the ministry’s full support for the new board’s efforts to entrench sound governance and protect public interest.
The inauguration reaffirms the Federal Government’s commitment to strengthening financial institutions and creating an enabling environment for enterprise and inclusive growth.
