FRC NDIC receives praise concerning financial statements

NDIC received some commendation due to its compliance concerning audited financial statements

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Alhaji Umaru Ibrahim, Managing Director, NDIC

(Business News)
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The Nigeria Deposit Insurance Corporation (NDIC) has received some commendation from the Fiscal Responsibility Commission (FRC) concerning its compliance with the submission of its audited financial statements of 2007 to 2014.

A statement signed by the Head, Communication and Public Affairs, Mr. Haddi Birchi, stated that the FRC report indicated that the corporation was well above average in compliance with Sections 21- 23 of the Fiscal Responsibility Act 2007 and had fully complied with the provisions of the General Reserve Fund into which 20 per cent of its operating surplus was retained in accordance with Section 22 (2) of the FRA 2007.

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Based on the statement, the corporation paid a total sum of N15.4bn to the consolidated revenue account during the period.

“It is quite commendable that NDIC is one of the few corporations that have fully complied with IFRS, which has greatly improved financial reporting of the activities of the agency”.

The Financial Reporting Council considers the agency to be in line with the standard prescribed by the organisation.

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