In a bid to ensure a more prudent management of public resources in Nigeria through compliance with the provisions of the nation’s Public Procurement Act, 2007, the management staff of the Nigeria Deposit Insurance Corporation ( NDIC) and the Bureau of Public Procurement ( BPP)
have converged on Lagos for a two days retreat.
The Managing Director of NDIC, Mr Bello Hassan, noted that the Management Retreat is aimed at acquainting participants with salient provisions of the Act for enhanced service delivery as regards public procurement.
Theme of the retreat on 5-6 February is “Understanding procurement processes for efficient management of resources”.
Mr Hassan explained that the Corporation has maintained a cordial and progressive engagement with BPP over the years in different capacities which has empowered NDIC to discharge its mandate more efficiently and effectively to satisfy its Stakeholders’ expectations.
The NDIC MD pointed out that on a yearly basis, the staff of the Corporation attend various BPP capacity building programs offered at Ahmad Bello University Zaria and Federal University of Technology Owerri.
Mr Hassan stated that the Corporation has a total number of ten certified staff in the Procurement Department as at December, 2021.
He said the NDIC is a key component in the square of Financial Safety-Net framework comprising four key components which include functions of prudential Regulation & Supervision, Failure Resolution, Deposit Insurance and Lender of Last Resort.
According to him the various components are aimed promoting financial stability at all times and manage vulnerabilities of financial instructions.
Mr Hassan explained that the CBN handles the Lender of Last Resort function, while the Apex bank and NDIC collaborate effectively to address prudential Regulation & Supervision as well as Failure Resolution as a team but the Deposit Insurance Management is being undertaken solely by the NDIC.
He further explained that to remain a learning and growth institution that is abreast with the development in the Procurement processes such as the recently published upward review of approval Threshold and its implications on Procurement, the NDIC found it necessary to hold this retreat.
The NDIC MD said this would further engage the BPP in a deeper conversation on the NDIC challenges in the procurement processes.
Mr Hassan is optimistic that the desire for continued engagement and partnership with a critical Stakeholder like the Bureau, stands as his unequivocal commitment and determination to ensure that the Corporation discharges its mandate successfully to the benefit of depositors and the nation’s financial system as a whole.
He further stated that the outcomes and learning points from the deliberations are expected to further reinforce understanding and effort to attain smooth sailing of the enabling regulatory environment required by the Corporation for implementing procurement processes effectively.
The Director General of Bureau of Public Procurement, Mr Mamman Ahmadu Who was represented by Director, Compliance, Certification and Monitoring, Mr Ishaq Yahaya, stressed that the retreat would further create awareness about all the stakeholders that are involved in procurement in NDIC and equip the stakeholders with the knowledge to conduct their procurement effectively, in compliance with the provision of the law.
Some participants said the retreat was a welcomed development that would enable them learn more about the Public Procurement Act, 2007.
Report by Ebere Obike
