FG Inaugurates new NDIC Directors to boost Financial Stability, investor confidence
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has inaugurated the newly appointed Directors of the Nigeria Deposit Insurance Corporation (NDIC) to play a pivotal role in advancing Nigeria’s macroeconomic reform agenda.
The new leadership, led by Managing Director, Dr Thompson Olu Dare Sunday and Executive Director, Dr Ibrahim Sabokatata, which was appointed by His Excellency President Bola Ahmed Tinubu, GCFR, was inaugurated in his office in Abuja, Friday
The Ministry’s Director, Information and Public Relations, Mohammed Manga, in a statement disclosed that the NDIC which was 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.
*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,* said Mr Edun.
Earlier, the Honourable 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,
Mrs Lydia Shehu Jafiya,
Permanent Secretary, Federal Ministry of Finance, 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.
This inauguration reaffirms the Federal Government’s commitment to strengthening financial institutions and creating an enabling environment for enterprise and inclusive growth.
