FG inaugurates new NDIC board to drive $1tn economy agenda

From Adanna Nnamani, Abuja

The Federal Government has inaugurated the newly appointed board members of the Nigeria Deposit Insurance Corporation (NDIC), charging them to play a crucial role in stabilising the financial system and boosting investor confidence.

This was disclosed in a statement issued by spokesperson for the Ministry of Mohammed Manga over the weekend.

According to the statement, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who performed the inauguration at his office in Abuja, said the appointments reflect President Bola Tinubu’s commitment to advancing Nigeria’s macroeconomic reforms and transitioning the country into a $1 trillion economy.

Leading the board is the new Managing Director, Dr. Thompson Olu Dare Sunday, alongside Executive Director, Dr. Ibrahim Sabokatata.

Edun described domestic savings as the engine of sustainable investment and underscored the importance of trust and stability in the financial system, anchored by institutions like the NDIC.

“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,” Edun said.

Also speaking, the Minister of State for Finance, Dr. Doris Uzoka-Anite, described the NDIC as a cornerstone of public trust in the banking system and urged the new board to align with its renewed mandate under the 2023 Act.

The NDIC, which was established to protect depositors and foster public confidence in the banking sector, recently increased its coverage limits to N5 million for deposit money banks and N2 million for microfinance institutions. The Corporation is now expected to further support capital mobilisation and financial inclusion.

Responding on behalf of the board, Sunday assured that the new leadership would deliver on its mandate and support the realisation of President Tinubu’s economic vision.

“We will deliver on our responsibilities and play our part in achieving the President’s $1 trillion economic vision,” he said.

Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Jafiya, commended the smooth leadership transition and reiterated the ministry’s full support to the new board in promoting sound governance and protecting public interest.