Nigeria Deposit Insurance Corporation has said that effective from December 8, 2020, its Managing Director/Chief Executive, Umaru Ibrahim, will formally disengage from service after two terms.
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 to develop the critical resolution framework that saved the Banking system from systemic crisis twice in 2011 and 2018.
They also introduced the 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.