The Federal Government has called on the newly inaugurated Board of the Nigeria Deposit Insurance Corporation (NDIC) to strengthen public trust in the banking sector, reinforce financial system stability, and play a strategic role in driving Nigeria’s ambition to become a $1 trillion economy.
This charge was delivered during the formal inauguration of the NDIC Board in Abuja over the weekend, where top government officials highlighted the Corporation’s expanded responsibilities under the 2023 NDIC Act.
According to a statement signed by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, the new NDIC leadership—headed by Managing Director, Dr. Thompson Oludare Sunday, and Executive Director, Dr. Ibrahim Sabo Katata—was appointed by President Bola Ahmed Tinubu to help steer Nigeria’s macroeconomic reforms.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the NDIC’s vital role in building a resilient financial system capable of supporting inclusive growth and long-term investment.
“Domestic savings are the engine of sustainable investment,” Edun stated. “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 NDIC, established to safeguard depositors and promote public confidence in the financial system, has been at the forefront of Nigeria’s financial inclusion and investment drive. With recent enhancements, including increased deposit insurance coverage limits—₦5 million for deposit money banks and ₦2 million for microfinance institutions—the Corporation is well-positioned to support domestic capital mobilisation and strengthen the financial services ecosystem.
Also speaking at the ceremony, the Minister of State for Finance, Dr. Doris Uzoka-Anite, described the NDIC as a pillar of public trust in the banking system. She urged the board to uphold this legacy and deliver on its renewed mandate in alignment with the administration’s economic priorities.
In his address, Dr. Sunday reaffirmed the board’s commitment to national development and institutional excellence. “We will deliver on our responsibilities and play our part in achieving the President’s $1 trillion economic vision,” he pledged.
The Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, commended the smooth leadership transition at the Corporation and reiterated the Ministry’s full support for the board’s efforts to entrench sound governance, protect depositors, and serve the public interest.
As Nigeria works to strengthen its financial architecture and unlock inclusive economic growth, the NDIC’s renewed leadership is expected to play a pivotal role in safeguarding the integrity and resilience of the financial system.
