The Nigeria Deposit Insurance Corporation, NDIC, is strengthening its procurement processes to improve efficiency, transparency and accountability as reforms continue across the banking sector.
The Managing Director and Chief Executive Officer of the Corporation, Mr. Thompson Oludare Sunday, disclosed this in Lagos during a three-day capacity-building programme for NDIC senior management and executive staff.
The programme was organised in partnership with the Bureau of Public Procurement, BPP.
Sunday said an effective procurement system was essential to the Corporation’s ability to carry out its responsibilities, including deposit insurance, the resolution and liquidation of failed financial institutions, as well as prudential regulation and supervision of banks.
He stressed that procurement was a key component of NDIC’s operations and required continuous improvement to ensure the Corporation effectively delivers on its mandate.
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.
According to Sunday, the engagement with the BPP would strengthen NDIC’s compliance and improve the way procurement activities are managed within the Corporation.
In his keynote address, the Director-General of the BPP, Dr. Adebowale A. Adedokun, said the programme demonstrated NDIC’s understanding that effective governance depends on institutional integrity, compliance with policies, professional expertise and responsible management of public resources.
Adedokun urged a broader understanding of procurement, describing it not simply as an administrative or transactional process but as a strategic governance tool capable of promoting economic development, strengthening institutions and ensuring value for public money.
