By Hamisu Muhammad | Publish Date: Jan 5 2016 6:08AM | Updated Date: Jan 5 2016 6:09AM
President Muhammadu Buhari has re-appointed Umaru Ibrahim as the Managing Director/ Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC) for tenure of five years.A source said Ibrahim received the reappointment letter on Thursday, December 31st and resumed office yesterday Monday. Ibrahim has concluded his first term tenure of 5 years as the MD NDIC on Tuesday, December 8, 2015.
NDIC is a statutory body and a key component of the Nigerian financial safety-net.It was established under the NDIC Act No.22 of 1988 with the key role of providing financial guarantee to depositors of licensed deposit-taking financial institutions comprising Deposit Money Banks, including non-interest banks, Microfinance Banks and Primary Mortgage Banks in the unlikely events of failure.
The corporation is responsible for protecting depositors and also promote public confidence thereby contributing to the financial system stability in Nigeria. The effective bank examination undertaken by the NDIC under his watch contributed immensely to the healthy state of the Deposit Money Banks (DMBs) in the country.