The Federal Government has inaugurated newly appointed directors of the Nigeria Deposit Insurance Corporation (NDIC), as part of efforts to strengthen financial system stability and boost investor confidence.
In a statement on Sunday issued by Mohammed Manga, Director, Information and Public Relations said the ceremony was held on Friday in Abuja.
It was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Leading the new board is Managing Director Dr. Thompson Olu Dare Sunday, alongside Executive Director Dr. Ibrahim Sabokatata. Both were appointed by President Bola Ahmed Tinubu to drive NDIC’s mandate under the administration’s macroeconomic reform agenda.
Edun described NDIC as a key pillar in Nigeria’s financial sector, stressing its role in safeguarding depositors and supporting domestic savings for sustainable investment.
“With the revised coverage limits of ₦5 million for deposit money banks and ₦2 million for microfinance banks, NDIC is better positioned to protect the banking public and foster financial inclusion. A trusted financial system is essential to lifting millions out of poverty and achieving Nigeria’s $1 trillion economy target,” Edun stated.
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Minister of State for Finance, Dr. Doris Uzoka-Anite, highlighted the renewed NDIC mandate under the 2023 Act, calling the corporation “a cornerstone of public trust.”
In his remarks, Dr. Sunday pledged to align NDIC operations with the President’s economic vision, saying: “We will deliver on our responsibilities and contribute significantly to national development.”
Permanent Secretary of the Ministry, Mrs. Lydia Shehu Jafiya, commended the smooth transition and assured the ministry’s support in ensuring good governance and depositor protection.
The inauguration underscores the government’s commitment to strengthening financial institutions, enhancing investor confidence, and creating an enabling environment for inclusive growth.