From Uche Usim, Abuja
Having successfully completed his two terms of 10 years in office, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr Umaru Ibrahim, bowed out of office on Tuesday, December 8.
Also exiting the service of the Corporation after two terms in office, is the Executive Director (Operations), Prince Aghatise Erediauwa.
Ibrahim was first appointed as MD/CE 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.
On deposit guarantee, 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. He championed the establishment of the African Centre for Study of Deposit Insurance to be domiciled at the NDIC Academy.
The star on the Corporation’s laurels under the outgoing MD/CE were the 2014 IADI Award of ‘The Best Deposit Insurance Organisation of the Year under Category 2 – Core Principles’ compliance by the IADI and International collaboration; three International Standard Organisation (ISO) Certification simultaneously obtained in 2017; and the Best Performing Ministerial SERVICOM Unit (MSU) Award by the SERVICOM Office of the Presidency in 2017 and 2019 amongst several other awards and recognitions.
The Corporation seized the opportunity to wish both Umaru Ibrahim and Prince Agatishe Erediawa the very best in their future endeavours.