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NDIC submits 2014 report to financial council

Managing Director/CEO, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim

Managing Director/CEO, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim

The Nigeria Deposit Insurance Corporation (NDIC) has submitted its 2014 audited financial statement to the Financial Reporting Council of Nigeria (FRCN).

This is contained in a statement signed by Alhaji Hadi Birchi, NDIC Head of Communications and Public Affairs.

It said the council’s Head of Inspection and Monitoring, Mr Titus Osakwe, received the report on behalf of the Executive Secretary of the council, Mr. Jim Obazee.

According to the statement, the council commended NDIC for the gesture.

It said the council noted that the Corporation had distinguished itself among public interest entities in the country.

Commenting, 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.

Mr Adeleke, in the statement, described the FRCN as an important institution whose activities are 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.

“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,” Adeleke said in the statement.

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