HomeNewsFEC approves construction of NDIC zonal office in Bauchi Nigeria

FEC approves construction of NDIC zonal office in Bauchi Nigeria

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The Federal Executive Council (FEC) has approved US $15m for the construction of Nigeria Deposit Insurance Corporation’s (NDIC) zonal office in Bauchi.

Construction of NDIC zonal office

The construction contract is in the sum of US $8m including Value Added Tax (VAT). The project will be completed in 96 weeks. Once the office is completed, it will provide a comfortable and clean environment for the staff to bolster morale as well as increase productivity.

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The council also approved US $6m for the consultancy work for three different categories of professional work for the three office buildings.

According to the Minister of Finance Zainab Ahmed, the NDIC zonal office in Bauchi has been operating from a rented office which has not been a good working environment. “The corporation will also be saving money by building the office,” she added.

Also read:Kenya begins construction of US $3.4m office complex in Embu County

Other projects

Other approvals include the construction of perimeter fence and road at the Port Harcour airport which has been abandoned since 2011. The ministry of transport also got approval to procure Security Scanner for installation at the Lagos Port.

Nigeria Deposit Insurance Corporation

NDIC was established in 1989 with the objectives to insure deposits held with licensed banks and other deposit taking institutions, operate as defined in the Banking Act. This is in order to engender confidence in the Nigerian banking system, guarantee payments to depositors in defined circumstances up to the insured amount and assist monetary authorities in the formulation and implementation of banking policy; give assistance to insured institutions in the interest of depositors.

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