By JUMI RHODES
The Managing Director/ Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC),Mr. Umaru Ibrahim has been re-appointed by President Muhammadu Buhari for another tenure of 5 years. Ibrahim, who was appointed by ex-president Goodluck Jonathan, completed his first term tenure of 5 years as the MD of NDIC on Tuesday, 8th December 2015. He received a re-appointment letter on Thursday, 31st December 2015, and resumed office on Monday, 4th January 2016. The Kano-born bureacrat will till 2021 lead NDIC,an independent agency of the Federal Government of Nigeria. The purpose of the deposit insurance system is to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.