Commission hails NDIC on audit compliance

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January 27, 2016 2:09 PM

This commendation was contained in a letter dated December 14, 2015 and signed by the Acting Chairman of the FRC, Victor Muruako.

Alhaji Umaru Ibrahim, Managing Director, NDIC

According to media reports, the Fiscal Responsibility Commission (FRC) has commended the management of Nigeria Deposit Insurance Corporation (NDIC) for compliance with the submission of its audited financial statements of 2007- 2014 and prompt payment of its operating surplus.

This commendation was contained in a letter dated December 14, 2015 and signed by the Acting Chairman of the FRC, Victor Muruako.

The FRC report stated that the Corporation was well above average in compliance with Sections 21- 23 of the Fiscal Responsibility Act (FRA) 2007,

It also added that the Corporation had fully complied with the provisions of the General Reserve Fund into which 20% of its Operating Surplus was retained in accordance with Section 22 (2) of the FRA Act 2007.

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The Corporation remitted a total sum of N15.4 billion to the Consolidated Revenue Fund during the period, according to Nigeria CommunicationsWeek.

“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 report read.

“The accounts were generally of high standard and depict compliance with international best practice. The Corporation’s record keeping is also commendable and the integrity of its financial reporting is enhanced with the adoption of International Financial Reporting Standards (IFRS),” the report added.

The FRC also reviewed the Corporation’s annual approved budget and considered it to impressive in terms of process and content.

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