The Nigeria Deposit Insurance Corporation (NDIC) has strengthened its procurement capacity as part of efforts to improve efficiency, transparency and accountability in the discharge of its mandate amid ongoing reforms in Nigeria’s banking sector.
The Managing Director and 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.
The programme was organised in collaboration with the Bureau of Public Procurement (BPP).
Speaking on the sidelines of the workshop, Sunday described procurement as an integral part of the Corporation’s operations, noting that an efficient procurement system was essential to the effective delivery of its responsibilities.
He said the NDIC’s mandates include deposit guarantee, the fair resolution and liquidation of failed financial institutions, as well as prudential regulation and supervision of banks.
“There is no gainsaying the fact that procurement is a very integral part of our activities as a deposit insurance organisation,” he said.
According to him, the Corporation requires procurement to effectively execute its various mandates and ensure that its operations are supported by appropriate goods and services.
The workshop, themed “Driving Excellence through Transparency, Compliance and Efficiency,” was designed to deepen participants’ understanding of public procurement reforms and strengthen their knowledge of the Public Procurement Act 2007.
It also covered procurement planning, records management, procurement implementation, procurement methods and applicable thresholds.
Sunday said the engagement with the BPP would help the Corporation strengthen compliance and improve its procurement processes.
“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 workshop demonstrated the NDIC’s recognition that effective governance depends on institutional integrity, policy compliance, professional competence and accountable stewardship of public resources.
Adedokun urged institutions to view procurement beyond its traditional administrative role.
He said procurement should be regarded as a strategic governance instrument capable of driving economic growth, strengthening institutions and ensuring value for money.
The BPP chief emphasised the importance of transparency and compliance in public procurement, particularly as government institutions continue to manage resources in an environment that demands greater accountability.
The capacity-building programme is expected to enhance the ability of NDIC personnel to implement procurement processes effectively while ensuring compliance with relevant laws and regulations.
The initiative comes as Nigeria’s banking sector undergoes reforms aimed at strengthening financial institutions, protecting depositors and improving the resilience of the financial system.
