Finance Ministry backs NDIC’s renewed mandate under new management team

Abdullateef Fowewe

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has inaugurated the newly appointed Directors of the Nigeria Deposit Insurance Corporation (NDIC) at his Abuja office on Friday.

The fresh leadership team, led by Managing Director Dr Thompson Olu Dare Sunday and Executive Director Dr Ibrahim Sabokatata, was appointed by President Bola Tinubu, and is expected to play a pivotal role in advancing Nigeria’s macroeconomic reform agenda.

This was made known in a statement on Sunday by the Director, Information and Public Relations, Mohammed Manga.

The NDIC, established to protect depositors and maintain confidence in Nigeria’s banking system, is integral to the country’s efforts to boost investment, deepen financial inclusion, and ensure systemic financial stability.

Recently, the Corporation increased its deposit insurance coverage limits to ₦5 million for deposit money banks and ₦2 million for microfinance institutions, positioning itself as a key player in supporting domestic capital mobilization and strengthening the private sector’s financial ecosystem.

Speaking at the event, Edun underscored the importance of domestic savings as “the engine of sustainable investment,” further underscoring that “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.”

The Minister of State for Finance, Dr Doris Uzoka-Anite, praised the NDIC’s critical role as “a cornerstone of public trust in the banking system” and highlighted its “renewed mandate under the 2023 Act” aimed at safeguarding depositors and ensuring financial system integrity.

Dr Sunday pledged the new board’s dedication to national progress, affirming, “We will deliver on our responsibilities and play our part in achieving the President’s $1 trillion economic vision.”

In her closing remarks, Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, commended the seamless leadership transition and assured the Federal Ministry’s unwavering support for the NDIC’s mission to entrench sound governance and protect public interest.