The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has urged the newly appointed leadership of the Nigeria Deposit Insurance Corporation (NDIC) to ensure full delivery on the agency’s statutory mandate, especially in protecting depositors and fostering financial system stability.
Speaking at the formal inauguration of Mr. Thompson Sunday as the new Managing Director/Chief Executive Officer and Dr. Kabir Katata as Executive Director (Operations) in Abuja, Edun emphasized the critical role NDIC plays within Nigeria’s financial ecosystem.
According to a statement issued by NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, Edun called on the new executives to apply their extensive regulatory and supervisory experience to strengthen the Corporation’s operational capacity and public trust.
“The NDIC is a vital component of our financial safety net. Its performance directly influences public confidence in our banking system,” Edun said. “The Ministry stands ready to support the management team in delivering on the Corporation’s objectives.”
The appointments, approved by President Bola Tinubu and confirmed by the Senate in May 2025, are part of broader reforms aimed at revamping critical financial institutions for improved accountability and responsiveness.
Responding to the Minister’s charge, Mr. Thompson Sunday expressed gratitude to President Tinubu for the opportunity to serve and pledged to uphold NDIC’s public policy objectives. He assured stakeholders of his leadership’s readiness to tackle ongoing sector challenges, including the settlement of insured deposits from failed banks.
“We are committed to fulfilling our obligations as outlined by the NDIC Act, and we will work collaboratively with stakeholders and staff to deliver on our promises,” Sunday stated.
At the NDIC headquarters, he was warmly received by staff members and emphasized teamwork and innovation in pushing the Corporation toward its next phase of development.
Sunday is a veteran financial expert with more than 30 years of regulatory and supervisory experience, largely shaped by his time at the Central Bank of Nigeria (CBN), where he worked in banking supervision and policy compliance. He retired as a director from the apex bank in 2021.
Dr. Katata brings over 28 years of multi-sectoral experience spanning finance, energy, telecommunications, and technology. A quantitative strategist and expert in computational finance, Katata is well-versed in risk management, financial modeling, and policy development. He joined NDIC in 2012 and rose to Director of Research and Policy before his current appointment.
Meanwhile, NDIC has reaffirmed its commitment to reimburse depositors of the defunct Heritage Bank. In a post on its official X (formerly Twitter) handle, the Corporation confirmed that payments of insured amounts were ongoing.
The development follows concerns from depositors who have yet to receive their funds after the bank’s collapse. NDIC urged all affected individuals to complete verification processes and submit claims through approved channels.
With renewed leadership and support from the Finance Ministry, stakeholders are watching closely to see how the NDIC navigates challenges in Nigeria’s evolving financial landscape. Analysts say that the new leadership must strengthen risk-based supervision, streamline claims processing, and enhance financial literacy to reinforce confidence in the deposit insurance system.
As expectations mount, all eyes will be on how effectively Sunday and Katata implement reforms to make NDIC a model for financial stability and depositor protection in Africa.