The Federal Government has tasked the newly inaugurated Board of the Nigeria Deposit Insurance Corporation (NDIC) to reinforce public confidence in the banking sector, promote financial system stability, and support Nigeria’s drive toward achieving a $1 trillion economy.
In a statement issued by Mohammed Manga, Director of Information and Public Relations, the government underscored the vital role of the NDIC in safeguarding depositors’ funds and enhancing trust in Nigeria’s financial institutions.
The board, led by Managing Director Dr. Thompson Olu Dare Sunday and Executive Director Dr. Ibrahim Sabokatata, was appointed by President Bola Ahmed Tinubu. It is expected to play a strategic role in executing key elements of the administration’s macroeconomic reform agenda under the Renewed Hope Initiative.
“NDIC’s mandate goes beyond insurance coverage—it is a cornerstone of the nation’s efforts to deepen financial inclusion, attract investment, and stabilise the banking sector,” the statement read.
Established to protect depositors and uphold financial integrity, the NDIC’s significance has grown, especially with enhanced deposit coverage limits now set at N5 million for deposit money banks and N2 million for microfinance banks. These adjustments aim to improve domestic capital mobilisation and safeguard the savings of everyday Nigerians, particularly within the small and medium enterprise (SME) space.
The NDIC board is also expected to drive innovation in risk management, support the private sector through a resilient financial ecosystem, and ensure the Corporation continues to align with global best practices in deposit insurance.
With these mandates, the NDIC is positioned to remain a pillar of Nigeria’s financial architecture, helping steer the economy toward long-term growth, economic inclusion, and investor confidence.
