Edun Sets Agenda for New NDIC Management
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called on the new management of the Nigeria Deposit Insurance Corporation (NDIC) to bring their diverse experience to bear on the running of the corporation.
According to a statement signed by the NDIC Head of the Communication & Public Affairs Department, Hawwau Gambo, on Sunday, the Minister said this at the inauguration of the new Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Mr. Thompson Sunday, and Executive Director (Operations), Dr. Kabir Katata, at the Ministry of Finance, Abuja.
President Bola Tinubu, in May, forwarded the names of Sunday and Katata to the Senate as nominees for the position of MD and ED of the NDIC for screening and confirmation in line with statutory requirements.
In his remark during the inauguration, Edun was said to have affirmed that the NDIC, as a component of the financial safety net, has a crucial role to play in the nation’s march to economic stability and prosperity.
“He therefore charged the management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the Ministry’s full support in the task ahead,” part of the statement read.
In his response, the new MD, who takes over from acting MD Mrs. Emily Osuji, expressed appreciation to Tinubu for their appointment and assured the Minister of the readiness of the management under his leadership to live up to the expectations of the President, in particular, and the nation in general, in the discharge of their duties.
At the Corporation’s headquarters, where he was welcomed by the staff, Sunday also promised to work in harmony with the staff to move the outfit to its next level of performance.
He stressed that the management’s focus would be based on the public policy objectives, functions, and mandate of the corporation by the enabling law that established it.
Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience. After cutting his teeth with the Central Bank of Nigeria in 1989, he went ahead to acquire high-end knowledge in central banking and spent 24 unbroken years in banking supervision. While his vast experience is in the regulation and supervision of licensed institutions, his expertise spans corporate governance, risk management, and compliance as a veritable tool for ensuring the safety and soundness of institutions.
His profile revealed him as an analytical and cross-functional team worker with a strong interest in building individual and institutional capacity for transformation and excellence. Sunday retired as a director from the apex bank in 2021.
The new NDIC ED (Operations), Katata, is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience. He has over 28 years of experience in the design and management of technically innovative systems in multiple industries, including telecommunications, IT, energy (petroleum & power), finance, and government. He is a specialist in sophisticated financial optimisation, the application of modern statistical techniques and mathematics to energy, deposit insurance, and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy, and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
Meanwhile, the NDIC has said that it is committed to the reimbursement of outstanding insured amounts to all eligible depositors of the failed Heritage Bank. The Corporation, on its official X, stated that payment of the insured sum had been ongoing, and the Corporation had continued to pay the depositors their insured sum.
The News Agency of Nigeria reports that NDIC was responding to appeals by customers of the failed bank who were yet to receive their insured deposits.