Corporation partners with BPP to build senior officials’ capacity on procurement reforms, compliance and efficient use of public resources…..
The Nigeria Deposit Insurance Corporation (NDIC) is taking steps to strengthen its procurement processes as part of broader efforts to improve efficiency, transparency and accountability across its operations.
The initiative comes amid continuing reforms in Nigeria’s banking sector and is aimed at ensuring that the Corporation has the institutional capacity and systems required to effectively carry out its responsibilities.
NDIC Managing Director and Chief Executive Officer, Thompson Oludare Sunday, disclosed this in Lagos during a three-day capacity development programme organised for senior management and executive staff of the Corporation in collaboration with the Bureau of Public Procurement (BPP).
Speaking on the sidelines of the programme, Sunday described procurement as a critical component of NDIC’s operations, noting that the Corporation relies on an effective procurement system to deliver on its statutory responsibilities.
According to him, NDIC’s functions include protecting depositors through deposit guarantee, resolving and liquidating failed financial institutions, as well as undertaking prudential regulation and supervision of banks.
He stressed that achieving these responsibilities requires a procurement framework that is efficient, transparent and compliant with existing regulations.
“There is no gainsaying the fact that procurement is a very integral part of our activities as a deposit insurance organisation,” Sunday said.
He added that the Corporation’s engagement with the BPP would provide an opportunity to deepen understanding of procurement requirements while strengthening compliance across its operations.
“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.
The capacity-building programme, themed “Driving Excellence through Transparency, Compliance and Efficiency,” focused on key areas of public procurement and governance.
Participants were exposed to issues including the Public Procurement Act 2007, procurement planning, records management, procurement implementation, procurement methods and applicable thresholds.
The programme is expected to improve the ability of senior NDIC officials to navigate procurement procedures while ensuring that the Corporation’s activities remain aligned with relevant public-sector regulations.
The collaboration also reflects the growing emphasis on institutional accountability and responsible management of public resources within government agencies.
In his keynote address, the Director-General of the Bureau of Public Procurement, Dr. Adebowale A. Adedokun, said the workshop demonstrated NDIC’s understanding of the link between effective governance and sound procurement practices.
Adedokun said modern procurement should not be viewed simply as an administrative process or a series of transactions.
Instead, he described it as a strategic tool that can support economic development, strengthen public institutions and ensure that government resources deliver maximum value.
He identified institutional integrity, compliance with policies, professional competence and responsible stewardship of public funds as important pillars of effective governance.
The BPP chief said strengthening these areas would help public institutions improve their performance while ensuring greater transparency and value for money.
The NDIC-BPP engagement therefore represents another step towards strengthening procurement competence within the Corporation, particularly as Nigeria’s financial sector continues to undergo regulatory and institutional reforms.
By improving its procurement systems and equipping senior officials with a stronger understanding of procurement rules, NDIC is seeking to ensure that resources committed to its operations are managed efficiently and in line with the standards expected of a key institution in Nigeria’s financial system.
