NDIC submits 2014 audited financial statement to FRC


The Nigeria Deposit Insurance Corporation says it has submitted its 2014 audited financial statement to the Financial Reporting Council of Nigeria.

The Head, Inspection and Monitoring, FRC, Mr. Titus Osakwe who received the report on behalf of the Executive Secretary, Mr. Jim Obazee, commended the corporation for action.

Osakwe was quoted as saying that the corporation’s regular rendition of its financial statements to the council had distinguished it as an exemplary public-interest entity in the country.

The report was presented to the FRC by the Director, Bank Examination, NDIC, Mr. Adedapo Adeleke.

Adeleke, who represented the Managing Director and Chief Executive Officer, Alh. Umaru Ibrahim, said the corporation had taken the issue of stewardship to its stakeholders as a priority.

He described the council 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.

Adeleke noted that the 2014 financial statement was prepared in accordance with the International Financial Reporting Standards and in line with the NDIC Act No. 16, 2006 and the FRC Act No. 6, 2011.

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