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FRCN commends NDIC’s timely rendition of account

By on June 15, 2015

The management of the Nigeria Deposit Insurance Corporation (NDIC) has been commended by the Financial Reporting Council of Nigeria (FRCN) for the corporation’s adherence to the laid down rules on rendition of annual reports. The commendation was made as the corporation submitted its 2014 audited financial statement to the FRCN last week.

The Council’s Head of Inspection and Monitoring, Mr. Titus Osakwe who received the report on behalf of the Executive Secretary of the Council,

Mr. Jim Obazee commended the NDIC for what he described as the Corporation’s regular rendition of its financial statements to the Council; adding: “with this step, NDIC has once again distinguished itself among public interest entities in the country”.
While presenting the report, the Director of Bank Examination, Mr. Adedapo Adeleke, who represented NDIC’s Managing Director and Chief Executive, Alhaji Umaru Ibrahim said the Corporation took the issue of stewardship to its stakeholders as a priority. Adeleke described the FRCN as an important institution whose activities were geared toward aligning the operations of Nigerian business concerns with international best practices. He also noted that as a professional public institution, the NDIC would continue to work in tandem with the rules and regulations set by the Council.

A statement by the corporation’s head of Communication and public affairs, Mr. Haddy Birchi said the Year 2014 Audited Financial Statement of the NDIC was prepared in accordance with the International Financial Reporting Standards (IFRS) and in line with the NDIC Act No. 16, 2006 and the Financial Reporting Council of Nigeria Act No. 6, 2011