Following the expiration of his second term, Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim on Tuesday disengaged from service of the organisation.
He was first appointed in 2010.
In a statement from NDIC Director, Communication & Public Affairs Department, Bashir Nuhu, the Executive Director (Operations), Prince Aghatise Erediauwa also left the corporation under similar circumstances.
Ibrahim was first appointed as MD/CE in 2010. In the last 10 years, “NDIC experienced tremendous transformation towards the robust implementation of its mandate and public policy objectives.
“An elaborate rebranding process involved the restructuring of the essential business processes and procedures of the Corporation for optimal performance also took place.
“In order to safeguard the NDIC of the future, he recruited competent and agile workforce and built their capacity as a strategy to prepare them for challenges ahead and to assume leadership mantle.
“Under his leadership, the NDIC collaborated with Central Bank of Nigeria (CBN) to develop the critical resolution framework that saved the banking system from systemic crisis twice in 2011 and 2018 with the introduction of Bridge Bank failure resolution mechanism which addressed the distress in four failed deposit money banks, namely Afribank, Bank PHB and Spring Bank and Skye Bank Plc., that were subsequently liquidated,” the statement noted.
On deposit guarantee, Nuhu said under Ibrahim’s leadership, the corporation successfully carried out the upward review of maximum insured limits for depositors of deposit money banks.
“It also extended deposit insurance cover to depositors of microfinance banks (MFBs) and primary mortgage banks (PMBS) as well as introduced deposit insurance to non-interest banks, payment service banks, and mobile money banks all with a view to creating a level playing field and protect depositors.
“Further, he led the NDIC to foster stronger collaborations with strategic stakeholders such as the judiciary, external solicitors, the media, law enforcement agencies, and civil society organisations amongst others to facilitate public awareness on DIS.
“Also under Ibrahim, NDIC assumed prominence in the comity of deposit insurers globally.
“The MD was twice elected into the Executive Committee of IADI for three years term each in 2013 and 2016 and also elected as the Chairman of the IADI-African Regional Committee (ARC) in 2018.”