By George Ozalla
The Nigerian Senate has confirmed Thompson Oludare Sunday as the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), a critical agency responsible for maintaining stability in the country’s banking and financial sector. Kabir Sabo Katata has also been confirmed as Executive Director of the corporation. The confirmation took place last week at the National Assembly Complex, Abuja.
The confirmation followed the consideration of the report of the Senate Committee on Banking, Insurance, and Other Financial Institutions, led by Senator Tokunbo Abiru. Abiru, who presented the report, said the nominees were found suitable for the positions, possessing the expertise, knowledge, and professional experience required to lead the corporation.
According to Abiru, no petitions were received against either nominee, and they were both cleared by security agencies. The appointments, he noted, were in line with the provisions of the NDIC Act, 2023.
Deputy Senate President Barau Jibrin commended the committee for its thorough work, describing the report as “well-structured and comprehensive”. Jibrin praised the committee’s chairman and members for their resilience and hard work.
Thompson Oludare Sunday, a seasoned banking expert, is expected to bring his wealth of experience to the NDIC. The NDIC plays a crucial role in protecting depositors’ funds and promoting financial stability in Nigeria. The agency provides deposit insurance coverage for depositors in banks and other financial institutions, ensuring that depositors’ funds are safe and secure.
With their confirmation, Sunday and Katata are expected to assume leadership roles at the NDIC, working to strengthen stability in Nigeria’s banking and financial sector. Their appointments are expected to increase confidence in the financial system, and at the same time promote economic growth and development in Nigeria given their robust experiences.
