Victor EzejaMinister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has inaugurated the newly appointed Directors of the Nigeria Deposit Insurance Corporation (NDIC).
The new leadership, led by Managing Director Dr Thompson Olu Dare Sunday and Executive Director Dr Ibrahim Sabokatata, was appointed by President Bola Ahmed Tinubu and is expected to play a pivotal role in advancing Nigeria’s macroeconomic reform agenda
Join our WhatsApp ChannelAccording to a statement released on Sunday, signed by Mohammed Manga, Director, Information and Public Relations, Ministry of Finance, the Edun the inauguration was done in the office of the minister in Abuja on Friday.
The NDIC, which was established to protect depositors and maintain trust in the banking system, is a key component of Nigeria’s efforts to boost investment, expand financial inclusion, and maintain systemic stability.
The Corporation has increased coverage limits to ₦5 million for deposit money banks and ₦2 million for microfinance institutions, promoting domestic capital mobilization and strengthening the financial ecosystem for the private sector.
Domestic savings serve as the primary driver of long-term investment. Mr Edun stated that a trusted and stable financial system, led by institutions such as the NDIC, is critical to lifting millions out of poverty and propelling Nigeria’s transition to a $1 trillion economy.
Speaking at the event, Dr Doris Uzoka-Anite, Minister of State for Finance, described the NDIC as a cornerstone of public trust in the banking system, emphasizing the agency’s renewed mandate under the 2023 Act.
On his part, NDIC MD, Dr Thompson Olu Dare Sunday pledged the board’s commitment to national development, saying, “We will fulfill our responsibilities and contribute to the President’s $1 trillion economic vision.”
Permanent Secretary of the Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, hailed the smooth leadership transition and affirmed the ministry’s full support for the new board’s efforts to establish sound governance and protect the public interest.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
