FG Tasks Newly Inaugurated NDIC Board on Financial System Stability, Investor Confidence

– Edun charges new leadership to align with $1tn economy vision

Nume Ekeghe

The federal government has tasked the newly inaugurated board of the Nigeria Deposit Insurance Corporation (NDIC) to reinforce public confidence in the banking sector, enhance financial system stability, and support the country’s drive toward a $1 trillion economy.

In a statement signed by the Director of Information and Public Relations, Mohammed Manga, 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, 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 N5 million for deposit money banks and N2 million for microfinance institutions, the Corporation is positioned to support domestic capital mobilisation and strengthen the financial ecosystem for the private sector. 

Speaking at the inauguration ceremony held in his office in Abuja over the weekend, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, charged the new board to execute the Corporation’s expanded mandate under the 2023 NDIC Act with diligence and integrity.

“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.

Minister of State for Finance, Dr. Doris Uzoka-Anite, also described the Corporation as a cornerstone of public trust in the banking system, and urged the new leadership to deliver on its renewed mandate in line with the administration’s economic goals.

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, the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, 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.