Tinubu Urges Senate to Approve Oludare as New NDIC Boss

By Achimi muktar

In a strategic political move that could shape Nigeria’s financial sector, President Bola Ahmed Tinubu has nominated Thompson Oludare Sunday as the new Managing Director of the Nigeria Deposit Insurance Corporation (NDIC).

The President’s formal request, delivered to the Senate on Wednesday, also included the nomination of Kabir Sabo Kataka for the role of Executive Director at the same corporation. The announcement was made public during Senate plenary, where Senate President Godswill Akpabio read the president’s letter to his colleagues.

Tinubu’s nominations are seen as part of a broader effort to fortify key financial institutions and ensure stability in the banking sector amid Nigeria’s challenging economic climate. The NDIC plays a crucial role in protecting depositors and promoting confidence in the financial system.

Following the announcement, the Senate directed the nominations to its Committee on Banking, Insurance and Other Financial Institutions. The committee is expected to conduct a thorough review and report back with recommendations "as soon as practicable," according to Akpabio.

Political analysts are watching closely, as Oludare’s confirmation could mark a significant shift in the leadership dynamics of Nigeria’s deposit insurance landscape. Will the Senate approve Tinubu’s pick, or will there be pushback? All eyes are now on the committee’s next move.