NDIC Boss Umaru Ibrahim, Tenure Expires

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, has taken a bow out of office on Tuesday, December 8, Having successfully completed his two terms of 10 years in office.

Also, the Executive Director (Operations) of the Corporation, Prince Aghatise Erediauwa, also took a bow after two tenure in office .

Ibrahim was first appointed as MD/CEO in 2010. His tenure was subsequently renewed by President Muhammadu Buhari in January 2016, along with that of Prince Erediauwa, at the conclusion of their first term in office.

Under Ibrahim’s leadership, the 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 new Bridge Banks were seamlessly created by the combined efforts of CBN and NDIC. The Bridge Bank mechanism was adopted as a cost-effective option of guaranteeing billion of depositors’ funds, saving thousands of jobs as well as ensuring continuity of banking services, thereby enhancing public confidence.