Tinubu Seeks Senate's Approval For Oludare, New Managing Director Of NIDC

<blockquote><b>President Bola Tinubu has requested the Nigerian Senate to consider and confirm the nomination of Thompson Oludare Sunday as the Managing Director (MD) of the Nigeria Deposit Insurance Corporation (NDIC).</b><br><br>In a related development, he also asked the upper chamber to confirm the nomination of Kabir Sabo Kataka for the position of Executive Director in the corporation.<br><br>Senate President, Godswill Akpabio, read the Presidents letter during plenary on Wednesday.<br><br>After reading the letter, Akpabio referred the request to the Senate Committee on Banking, Insurance, and Other Financial Institutions for further legislative work and to report back as soon as practicable.<br><br>The NDICs function is to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay its deposits, thereby helping to maintain financial system stability.<br><br>For instance, during the saga of the Heritage Bank liquidation, the Nigeria Deposit Insurance Corporation (NDIC) assured depositors at the bank that it was already in the process of refunding them.<br><br>During a press briefing, the then Managing Director of NDIC, Bello Hassan, had said the corporation would not take 30 days as stipulated by law but would settle customers within one week, while also outlining the repayment process.<br><br>The CBN had then revoked the licence of Heritage Bank over its inability to improve its financial performance.<br><br>The Board and Management of the bank have not been able to improve the banks financial performance, a situation which constitutes a threat to financial stability, the CBN had said.</blockquote><br><a rel=ugc href="https://saharareporters.com/2025/05/28/tinubu-seeks-senates-approval-oludare-new-managing-director-nigerian-corporation-ndic">https://saharareporters.com/2025/05/28/tinubu-seeks-senates-approval-oludare-new-managing-director-nigerian-corporation-ndic</a>
Click here to read full news..