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On Friday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, inaugurated the new leadership of the Nigeria Deposit Insurance Corporation (NDIC), urging them to support the federal government’s efforts to ensure financial system stability.
This was disclosed in a press statement signed by the Head of the Communication & Public Affairs Department, Hawwau Gambo, on Sunday.
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The new Managing Director and Chief Executive Officer, Thompson Sunday, and the Executive Director (Operations), Kabir Katata, were formally introduced at a brief ceremony held at Abuja’s Ministry of Finance headquarters.
Mr Edun described the NDIC as vital to Nigeria’s financial safety net and urged the appointees to deliver results.
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“The NDIC, as a component of the financial safety-net, has a crucial role in the nation’s march to economic stability and prosperity,” the minister said.
He added that the Ministry of Finance would give the new team its full support.
Mr Sunday, speaking on behalf of the new management, thanked President Bola Tinubu for the opportunity to serve and pledged loyalty and commitment to the institution.
“We are ready to live up to the expectations of the President in particular and the nation in general in the discharge of our duties,” he said.
The new management also visited the NDIC headquarters, where Mr Sunday addressed staff and pledged to promote harmony, performance and institutional integrity in line with the agency’s mandate.
Profile
Mr Sunday is a veteran financial sector regulator with more than 30 years of experience, including 24 years at the Central Bank of Nigeria (CBN), where he rose to Director in the Banking Supervision Department.
At the CBN, he helped draft key policy frameworks, including the Banks and Other Financial Institutions Act (BOFIA) 2020, and played key roles in reform initiatives around banking consolidation, resolution of failing banks, and the regulation of systemically important institutions.
He served as Technical Adviser to the Governor of the CBN and represented the bank on several committees and boards related to monetary policy and financial stability.
READ ALSO: UPDATED: Again, CBN holds benchmark interest rate at 27.5%
A certified fraud examiner, he holds a PhD in Management.
Mr Katata is a computational finance and risk management expert with 28 years of experience across sectors including energy, telecommunications and banking.
He joined the NDIC in 2012 and rose to Director of Research, Policy and International Relations. In that role, he led several initiatives aimed at strengthening the Corporation’s modelling, forecasting and financial stability work.
He holds a PhD in Financial Engineering and Management Science from the University of Warwick, United Kingdom, as well as other degrees in finance, statistics and business management.
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