NDIC is one of the better-paying agencies of the federal government of Nigeria with a good salary structure. The organization is saddled with the regulatory responsibility of financial institutions.Â
NDIC is an autonomous body that focuses on financial institutions and the insurance of depositors’ funds. The salary structure of the NDIC is based on the ranking structure of the agency. One gets an increase in their salary whenever they move up in rank. The recruitment process of the agency is publicized, giving room for interested persons from the public to make a career in the agency.
What is the Full Meaning of NDIC?
NDIC stands for the Nigeria Deposit Insurance Corporation. As already stated, it is an independent agency of the Federal Republic of Nigeria that is charged with assuring depositors’ refunds and guarantees the settlement of insured funds when the insured institution backs out on their fund repayment.
In so doing, NDIC acts as a backbone to keep an eye on every financial institution in Nigeria, ensuring that they do not default on deposit repayment alongside their collaboration in running the banking system’s stability.
Breakdown of NDIC Salary Structure
As far as anyone knows, salaries are paid to staff based on academic qualifications, rank, and experience, generally classified as merit. The same procedure is a key measure for NDIC while setting its salary structure, which is based on officer roles.
The entry-level pay at National Deposit Insurance Corporation (NDIC) is now around N150,000. Allowances and incentives such as travel, housing, feeding, and insurance enable to greatly increase the compensation.
Other monthly income currently paid to selected NDIC employees in some parts of the country include the following:
- Mid-level employees at the NDIC in Lagos earn N245,000 per month.
- At NDIC, HR officers are paid up to N210,000 per month.
- Finance Officers at the NDIC in Lagos are paid between N270,000 and N280,000 per month.
- NDIC Management Assistant in Lagos gets around N120,000 per month.
- The salary of an NDIC Manager in Lagos is approximately N400,000 per month.
- NDIC Bank Supervisor in Abuja gets about N245,000 each month.
- The NDIC’s Claims Officer is paid N210,000 per month.
- The NDIC presently pays up to N300,000 per month for software developers in Abuja.
Incentives and Welfare Packages NDIC Officers
While Nigeria’s deposit insurance corporation is autonomous of the federal government of Nigeria, their officers are not limited to their salaries alone but also earn extra benefits, mainly monthly allowance, and much more that are not disclosed in the spotlight.
Therefore, the results obtained from its salary structure prove reasons why an individual should think of grabbing this golden opportunity.
Process for NDICÂ Recruitment
The process outlined below is intended to serve as a guide for prospective NDIC candidates or those who are curious about the NDIC recruitment process.
- Go to the official Nigeria Deposit Insurance Corporation recruitment website at ndic.gov.ng
- Locate Careers/Vacancies
- Choose a position that suits you best
- Sign up using your email address following the registration instructions
- Provide all the necessary information
- Click on submit
After a successful registration process, the candidate will be contacted via email and scheduled for the next step of the recruitment process.
List of Documents Necessary for NDIC Application
As we draw curtains here, there is a little more emphasis on this in addition to the required documents necessary for NDIC application, as we find them very crucial in determining who is fit to apply for NDIC. Therefore, they are:
- Must have a minimum of five credits in West African Senior School Certificate (WASSCE), National Examination Council (NECO), as well as General Certificate of Education with no or more than two sittings (GCE)
- B.Sc., HND, NCE, or OND certificate from a recognized institution
- All candidates must have a valid means of identification such as a valid driver’s license, national identification card, international passport, voter’s card, or NIN number.
What Are the Functions of the NDIC?
It is common knowledge that the NDIC has done much in satisfying and putting in their best to ensure the stability of banks as well as depositors, yet there is more to say about their functions, which are:
1. They insure deposit liabilities of licensed banks
This includes ensuring that every financial institution in Nigeria has an operating license. This is to show the legit authorized existence of such a bank or financial institution in general.
2. They give assistance to insured institutions
As a supporting system to insured institutions, NDIC provides assistance to insured institutions in Nigeria with the mindset of keeping them healthy for effective operations and satisfying their depositors as required, especially when there is a threat to the depositor’s choice of bank.
3. Give Assurance and Guarantee to depositors in the financial or banking sectors
The NDIC amounts to much in a confidential state of seeing that a depositor’s deposit fund is intact along with the guarantee in an area where there is an imminent suspension of payment from an insured institution, which may be unbearable. The NDIC stands as an intermediary between the bank and its depositors in case it occurs, which outcome will be favorable or spell doom for the banking sector.
4. Assists Monetary Authorities To Formulate And Implement Policies
Setting out achievable goals and mandatory policies are also attributes of the NDIC, which comes after taking a survey on how the bank sets up policies to meet their standards. It ensures sound banking practices and fair competition that always surfaces among these institutions that are insured in Nigeria.
5. Adopts Bank Liquidation Option For Financial Institutions That Cant Meet Up to the Standard of Operation
There are banks that have gone out of business, either due to their operating system or having an incompetent managerial system. Due to this, they have fallen victim to closure and have failed to respond to failure resolution measures upon their closure.
At this point, the NDIC then chimes in with the liquidation process that goes with the consideration of minimum disruption to the banking system and cost-effective asset realization as well as the settlement of depositors’ claims, both that of the creditors and the stakeholders.
6. Endures Resolution of Failed Institutions
Just as it is in setting their liquidation, which is the resolution measure, the NDIC is saddled with the responsibility to see that both failed and failing financial institutions are resolved amicably on the basis of efficient time and proper stage.