NDIC strengthens procurement capacity amid banking-sector reforms

The Nigeria Deposit Insurance Corporation (NDIC) has strengthened its procurement capacity as part of efforts to enhance efficiency, transparency and accountability in the discharge of its mandate amid ongoing reforms in the banking sector.

The Managing Director/Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, stated this in Lagos at 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).

Speaking on the sidelines of the workshop, Sunday said procurement was integral to the Corporation’s operations, noting that NDIC required an efficient procurement system to effectively deliver on its responsibilities of deposit guarantee, 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.

“We have mandates that we need to achieve, including deposit guarantee, fair resolution and liquidation of failed institutions, as well as prudential regulation and supervision of banks. To achieve these mandates, we need to do procurement.”

The workshop, with the theme, “Driving Excellence through Transparency, Compliance and Efficiency,” was designed to deepen participants’ understanding of public procurement reforms, the Public Procurement Act 2007, procurement planning, records management, procurement implementation, methods and thresholds.

Sunday said the engagement with BPP would help the Corporation strengthen compliance and improve its procurement processes.

He said, “Having the BPP with us this afternoon is such a great achievement, and we need to continue to speak about procurement in the Corporation.”

In his keynote address, BPP Director-General, Dr. Adebowale A. Adedokun, said the workshop reflected NDIC’s recognition that effective governance required institutional integrity, policy compliance, professional competence and accountable stewardship of public resources.

Adedokun said procurement should no longer be regarded as merely a transactional or administrative activity, but as a strategic governance instrument capable of driving economic growth, strengthening institutions and ensuring value for money.