BY FRANCIS KADIRI, ABUJA
THE Managing Director/Chief Executive Officer of the Nigerian Deposit Insurance Corporation, Umaru Ibrahim, on Tuesday, formally disengaged from service, having successfully completed two terms spanning 10 years, a statement from the Corporation said.
It added that the Executive Director, Operations, Aghatise Erediauwa, also ceremoniously exited the corporation.
The statement, signed by the Director, Communication and Public Affairs Department, NDIC, Bashir Nuhu, said Ibrahim was first appointed as MD/CEO in 2010, adding that “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 involving the restructuring of the essential business processes and procedures of the Corporation for optimal performance also took place,” Nuhu said.
He said in order to safeguard the NDIC of the future, the outgoing CEO recruited competent and agile workforce and built their capacity as a strategy to prepare them for challenges ahead and to assume leadership mantle.
The statement read, “Under his leadership, the NDIC collaborated with the 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, 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 billions 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 protecting depositors.”
The NDIC said Ibrahim also led the Corporation 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.
It said, also under Ibrahim, NDIC assumed prominence in the comity of deposit insurers globally, noting, “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 icing on the Corporation’s laurels under the outgoing MD/CE were the 2014 IADI Award of ‘The Best Deposit Insurance Organization 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 therefore wished “both Umaru Ibrahim and Prince Agatishe Erediawa the very best in their future endeavours.”
