The Nigeria Deposit Insurance Corporation (NDIC) has strengthened its procurement capacity to improve efficiency, transparency, and accountability as reforms in Nigeria’s banking sector continue.
NDIC Managing Director and Chief Executive Officer Thompson Oludare Sunday disclosed this in Lagos during a three-day capacity development program for the corporation’s senior management and executive staff, organized in collaboration with the Bureau of Public Procurement (BPP).
Sunday said effective procurement was critical to the NDIC’s mandate of protecting depositors, resolving and liquidating failed financial institutions, and supervising banks.
He said the engagement with the BPP would help the corporation improve compliance and strengthen its procurement processes.
The workshop, themed “Driving Excellence through Transparency, Compliance, and Efficiency,” focused on the Public Procurement Act 2007, procurement planning, records management, procurement methods, implementation, and applicable thresholds.
BPP Director-General Adebowale Adedokun said the program reflected NDIC’s recognition that effective governance requires institutional integrity, professional competence, and accountability in the management of public resources.
Adedokun urged participants to view procurement as a strategic governance tool rather than merely an administrative function, stressing its role in promoting economic growth, institutional effectiveness, and value for money.
The training comes as the BPP intensifies procurement reforms, including price benchmarking and digital compliance measures aimed at reducing leakages and improving value in public spending. The Bureau recently said the reforms had helped save the Federal Government about N1.5 trillion over 18 months.
Leave feedback about this