The Senate has confirmed the appointments of Oludare Sunday and Kabir Kataka as the new Managing Director and Executive Director of the Nigeria Deposit Insurance Corporation (NDIC).

The confirmation took place during Thursday’s plenary, following the presentation of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East).

Presenting the committee’s findings, Abiru urged the Senate to approve the nominations, stating, “The Senate received and considered the report of the Committee on the confirmation of the nominations for appointment as Managing Director and Executive Director of the Nigerian Deposit Insurance Corporation.”

President Bola Tinubu had forwarded the nominees’ names to the Senate in May for screening and confirmation in accordance with statutory requirements.

The Senate President, Godswill Akpabio, read the President’s request on the floor, after which the nominations were referred to the relevant committee for evaluation.

Following Thursday’s confirmation, Oludare and Kataka are expected to immediately assume their roles at the NDIC, a key institution in safeguarding Nigeria’s banking system and depositor funds.

Their appointments are seen as part of broader efforts to strengthen financial sector stability in the country.