Key Takeaways
- NDIC and BPP hosted a three-day procurement workshop for senior staff in Lagos.
- CEO Thompson Sunday says efficient procurement is key to deposit insurance and bank supervision.
- BPP DG Adebowale Adedokun calls procurement a strategic tool for governance and value for money.
The Nigeria Deposit Insurance Corporation (NDIC) has reinforced its procurement capacity to improve transparency, efficiency, and accountability amid ongoing banking-sector reforms.
Managing Director and Chief Executive Officer, Mr Thompson Oludare Sunday, announced this in Lagos during a three-day capacity development programme for senior management and executive staff, organised in collaboration with the Bureau of Public Procurement (BPP).
Why Procurement Is Critical to NDIC
Speaking on the sidelines of the workshop, Sunday said procurement is integral to NDIC's operations. The Corporation needs an efficient system to deliver on deposit guarantee, resolution and liquidation of failed financial institutions, and prudential regulation and supervision of banks. The training supports the Corporation's goal of aligning procurement practice with regulatory expectations.
"Procurement is a very integral part of our activities as a deposit insurance organisation," Sunday said. "To achieve our mandates, we need to do procurement."
Deepening Compliance and Governance
The workshop, themed "Driving Excellence through Transparency, Compliance and Efficiency," focused on the Public Procurement Act 2007, procurement planning, records management, implementation methods, and thresholds.
Sunday described the BPP partnership as a significant achievement for the Corporation. "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.
Procurement as a Strategic Instrument
BPP Director-General, Dr Adebowale A. Adedokun, said in his keynote address that effective governance demands institutional integrity, policy compliance, professional competence, and accountable stewardship of public resources. He stressed that procurement should be a strategic governance instrument, not a routine administrative task.
Adedokun also said procurement can drive economic growth, strengthen institutions, and guarantee value for money.
This initiative aligns with Nigeria's public procurement reform agenda under the Public Procurement Act 2007, which aims to curb corruption, reduce waste, and encourage competitive bidding across federal agencies.
For NDIC, such reforms carry special weight because the Corporation manages public trust and financial safety-net resources. Strong procurement helps ensure fair resolutions, transparent liquidations, and credible regulatory oversight.
Why This Matters
This procurement overhaul is about safeguarding public confidence in Nigeria's financial safety net. As the banking sector evolves, NDIC's ability to spend responsibly and monitor institutions with integrity will remain central to financial stability.