Why President Buhari re-appointed NDIC boss Umaru Ibrahim
Nigerian president, Muhammadu Buhari, has re-appointed Umaru Ibrahim as the Director of the Nigerian Deposit Insurance Corporation (NDIC) for another 5 years. Umaru concluded his first term on the 8th of December 2015 and received his re-appointment letter on the 31st of December, then he resumed on Monday the 4th January 2016. His re-appointment does not come as a surprise considering the strides the NDIC has made as under his leadership.
Here are a few probable reasons why he was re-appointed by President Buhari for another five years.
Years of experience in NDIC
Ibrahim has been at the Nigerian Deposit Insurance Corporation office since 1989, working in several positions within the company over the years. He started out as the Deputy Director of the Financial and Technical support department of the NDIC and rose to the Acting Director of the Corporation in 2009 before being made the Managing Director in 2010 by former President Goodluck Jonathan.
Growth of Deposit Banks in Nigeria
The NDIC “is responsible for protecting depositors and also promoting public confidence thereby contributing to the financial system stability in Nigeria.” With 27 years in the NDIC, Umaru Ibrahim has overseen the re-organization and revamping of this corporation. He set policies that ensured that most deposit money banks in Nigeria, including non-interest bank, micro-finance banks and primary mortgage banks survived due to financial assurances despite Nigeria’s harsh financial market. Deposit Money Banks (DMBs) have been declared “healthy” under his watch.
Level of competency
It took president Muhammadu Buhari many months before he announced his ministers and heads of government parastatals. He was even accused of being a slow president, however, his excuse was that he was looking for competent Nigerians. His choice of Umaru Ibrahim of NDIC suggests that Umaru’s level of competence has allowed him to retain his position in Buhari’s administration.
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