Federal Gov’t inaugurates new NDIC board, pledges stronger financial system

The Federal Government has inaugurated the newly appointed leadership of the Nigeria Deposit Insurance Corporation (NDIC) as part of efforts to reinforce financial system stability and investor confidence in the country’s economy.

The inauguration was conducted by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.

The new team includes Managing Director, Thompson Olu Dare Sunday and Executive Director, Ibrahim Sabokatata, both appointed by President Bola Ahmed Tinubu.

Speaking at the ceremony, Edun highlighted the importance of a strong deposit insurance framework in boosting public trust, deepening financial inclusion, and driving Nigeria’s macroeconomic reforms.

“Domestic savings are the engine of sustainable investment.

This was disclosed in a statement by the Director, Information and Public Relations, Mohammed Manga, on Sunday, July 27.

The statement reads:

“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) in his office in Abuja on Friday.

“The new leadership, led by Managing Director Dr Thompson Olu Dare Sunday and Executive Director Dr Ibrahim Sabokatata, was appointed by His Excellency President Bola Ahmed Tinubu, GCFR, and 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.

“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.

“Speaking 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.”