It’s a nice cushy job, if you can get it!
Employees of the Nigeria Deposit Insurance Corporation (NDIC) earned a hefty N66.5 billion as employee benefits expense in 2023, equivalent to 25% of the Corporation’s total income for the year.
The NDIC employee benefits expenses which included N50.6 billion for staff cost, N7 billion spent on defined contribution pension costs and N8 billion for defined benefit expense, among other line items, actually rose by 20.6% in 2023, when compared to 2022 levels.
NDIC reported total operating income of N266.2 billion in 2023 up 23.6% compared to 2022 levels while Net operating surplus rose to N183.4 billion.
However, total operating expenses (which includes employee benefits expense, other operating expenses etc.) surged by 16.86% to N82.79 billion in the period.
Other operating expenses of N14.78 billion had its biggest line item as administrative expenses where N13.35 billion was spent with no breakdown.
The NDIC collected a total sum of N224.5 billion as deposit insurance premium from deposit money banks, primary mortgage institutions, microfinance banks, payment service banks and non-interest banks during the 2023 financial year which was transferred to the Deposit Insurance Fund (DIF) in accordance with Section 17 (6) of NDIC Act, 2023.
Value of the DIF as at 31, December 2023 was N1.65 trillion. This account represents the insurance premium received from insured financial institutions net claims paid out.
The NDIC -Nigeria Deposit Insurance Corporation, is an independent agency of the Federal Government of Nigeria. The purpose of the deposit insurance system is to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.
To protect depositors and contribute to the stability of the financial system through effective supervision of insured institutions, provision of financial/technical assistance to eligible insured institutions, prompt payment of guaranteed sums and orderly resolution of failed insured financial institutions.
Meanwhile if you are a young Nigerian graduate looking for employment at the NDIC, good luck with that as there has been no official recruitment at the Corporation for years.
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