The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has been elected the new Chairperson of the Africa Regional Committee (ARC) of the International Association of Deposit Insurers (IADI). Ibrahim was elected during the Annual General Meeting (AGM) of the IADI-ARC which was a prelude to the IADI Technical Assistance Workshop being hosted by the Corporation in Lagos.

L-R: Former CEO, Deposit Protection Corporation of Zimbabwe, John Chikura and NDIC, MD/CE Umaru Ibrahim

The election of the NDIC boss was a unanimous decision of the body following the expiration of tenure of the current Chairperson and former Chief Executive Officer of the Deposit Protection Corporation of Zimbabwe, Mr John Chikura. Also elected as the ARC Vice-Chairman during the AGM was Mohamud A. Mohamud, the Chief Executive Officer of Kenya Deposit Insurance Corporation (KDIC).

The election of Ibrahim marks the second time that Nigeria will lead the IADI-ARC. The immediate past MD/CE of the Corporation, Alhaji Ganiyu Ogunleye was earlier elected as Chairperson of the body.

According to members, the unanimous decision to elect the NDIC Boss was in recognition of his achievements, requisite knowledge and experience in the Deposit Insurance System (DIS) which they belief will impact positively on the other members from Africa. They expressed optimism in his qualities and wealth of experience to effectively provide the desired leadership for the ARC. With the election of Ibrahim, the secretariat of the body effectively relocates to Nigeria until the end of his tenure.

The AGM also discussed other important issues relating to the growth of the DIS in the African Region and financial system stability. Updates from African countries that recently established DIS and as well as those currently in the process of setting up the scheme were also presented at the forum. Apart from Nigeria, the host country, other nations in attendance at the AGM include Ghana, Kenya, Zimbabwe, Uganda, Swaziland, Rwanda and the West Africa Monetary Union Deposit Protection Board (WAMUDPB) based in Senegal.

It would be recalled that Umaru Ibrahim was elected twice into the Executive Management Committee of the IADI. His second term is yet to expire.