The Nigeria Deposit Insurance Corporation (NDIC) has moved to strengthen its procurement capacity as part of efforts to improve efficiency, transparency and accountability in the discharge of its statutory responsibilities amid ongoing reforms in Nigeria’s banking sector.
The Managing Director/Chief Executive Officer of the NDIC, Thompson Oludare Sunday, disclosed this in Lagos during a three-day capacity development programme for senior management and executive staff of the Corporation organised in collaboration with the Bureau of Public Procurement (BPP).
Sunday said an effective procurement system was critical to the Corporation’s ability to deliver on its mandate, which includes deposit guarantee, resolution and liquidation of failed financial institutions, as well as prudential regulation and supervision of banks.
He described procurement as an integral component of the NDIC’s operations, noting that the Corporation requires efficient procurement processes to effectively implement its responsibilities.
“There is no gainsaying the fact that procurement is a very integral part of our activities as a deposit insurance organisation,” Sunday said.
According to him, the collaboration with the BPP would help deepen compliance and strengthen the Corporation’s procurement processes.
The workshop, themed “Driving Excellence through Transparency, Compliance and Efficiency,” focused on public procurement reforms, the Public Procurement Act 2007, procurement planning, records management, implementation procedures, procurement methods and applicable thresholds.
Sunday said the engagement was particularly important as the Corporation continues to strengthen its institutional capacity and governance framework.
“Having the BPP with us this afternoon is such a great achievement, and we need to continue to speak about procurement in the Corporation,” he said.
In his keynote address, the Director-General of the BPP, Dr. Adebowale A. Adedokun, said the programme demonstrated the NDIC’s commitment to institutional integrity, policy compliance, professional competence and accountable management of public resources.
Adedokun stressed that procurement should no longer be viewed simply as an administrative or transactional function.
He described it as a strategic governance tool capable of promoting economic growth, strengthening public institutions and ensuring value for money.
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The BPP boss said effective procurement practices were essential to improving institutional performance and ensuring that public resources were deployed efficiently and transparently.
The training is expected to equip NDIC’s senior officials with stronger knowledge of procurement regulations and processes, while reinforcing compliance with the country’s public procurement framework.
The initiative comes as the NDIC continues to play a central role in maintaining confidence in Nigeria’s financial system through deposit insurance, bank supervision and the resolution of failed financial institutions.
