The Nigeria Deposit Insurance Corporation (NDIC) has initiated capacity-building programs to upgrade its internal procurement systems, contract auditing and financial operational compliance.
The Nigeria Deposit Insurance Corporation (NDIC) has upgraded its procurement operations to boost efficiency, transparency, and accountability as sweeping banking sector reforms continue to unfold.
NDIC Managing Director Thompson Oludare Sunday revealed the initiative in Lagos during a three-day capacity building workshop for executive leadership, hosted in partnership with the Bureau of Public Procurement (BPP).
Speaking on the sidelines of the workshop, Sunday emphasized that robust procurement systems are critical to the Corporation’s mandate, enabling it to efficiently handle deposit guarantees, bank liquidations and ongoing prudential supervision.
“Procurement is undeniably central to everything we do as a deposit insurance organization” he stated. “Delivering on our responsibilities from deposit guarantees and bank liquidations to prudential regulation and supervision fundamentally relies on a strong procurement framework.”
The workshop themed “Driving Excellence through Transparency, Compliance and Efficiency”focused on deepening leadership’s expertise in public procurement reforms, Public Procurement Act 2007 guidelines, strategic planning, record-keeping and regulatory compliance thresholds.
Sunday noted that partnering with the BPP will help the Corporation tighten regulatory compliance and refine its procurement workflows also adding, “Having the BPP here is a major step forward and we must keep prioritizing procurement excellence within the organization.”
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In his keynote speech, BPP Director-General Dr. Adebowale A. Adedokun noted that the workshop represents NDIC’s commitment to strong governance through institutional integrity, strict policy compliance, technical competence and responsible management of public funds.
Adedokun emphasized that procurement must evolve beyond basic administration describing it as a strategic governance tool capable of fueling economic growth, reinforcing institutions and maximizing value for public funds.
