We’ll Deepen Financial Literacy To Young Nigerians -NDIC

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation, NDIC, has reiterated its commitment to driving financial literacy to the young generation in the country.

The Corporation, which organised training for secondary school students in Enugu State on financial literacy, disclosed that the training, amongst its objectives, was meant to make the students embrace saving attitude.

The 2023 training was in commemoration of the 2023 Financial Literacy Day, with its theme, “Plan Your Money, Plant Your Future”.

Addressing the students at Metroplitan Girls Secondary School, Enugu, the coordinator of the programme, Abdullahi Ubam said the programme which was in partnership with the Enugu State Post Primary School Management Board (PPSMB) was part of the organisation’s Corporate Social Responsibility.

Ubam, said the annual financial literacy programme was designed in the spirit of “catch them young and make the learners financially literate”, because the habit of saving was education itself as it teaches self-denial and which young ones must embrace and take seriously.

He explained that the intention of NDIC was to use the financial literacy training programme to ensure that students of secondary schools in the country get the information on how to generate, save and spend their monies.

“The essence of this is to get young people informed on how best to take decision on how to manage their finances.It’s about information on how to generate, save and spend our monies. Saving money means planting our future and that starts with planning well”, he said.

Ubam, who said the programme was designed for learners, expressed happiness that teachers who brought their students to the event also benefited from the programme.

The chairman PPSMB, Rev Fr. Hilary Nkwodile, commended the NDIC for its consistency in organising the programme for secondary school students in the state, saying it would go a long way in shaping students’ future positively.

The PPSMB chairman, who was represented by the director of education services, Dr Ifeyinwa Nwankwo, urged the NDIC to expand the programme to accommodate many more students because of its lifetime benefits.

He advised participants to cultivate the habit of saving for rainy day from young age, saying the principle of being prudent was required for students on their pathway to success.

Mohammed Shosanya

The Federal Competition and Consumer Protection Commission(FCCPC) has begun investigation into the activities of the Lagos Chapter of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) over setting uniform prices for their services.

Babatunde Irukera,Executive Vice Chairman/ Chief Executive Officer of FCCPC,who confirmed this in a statement on Wednesday,said the Commission
had received information from multiple channels, including credible media, on a
purported decision of AMMBAN on behalf of certain Point of Sale (PoS) operators which included setting uniform prices across operators for a range of transaction services.

He said,the Federal Competition & Consumer Protection Act (2018) (FCCPA) recognises; indeed encourages the prerogative of businesses to organise in, and as trade associations for acceptable purposes, such as ensuring and enforcing applicable standards and best practices, as well as a measure of self-regulation within the profession or trade.

He,however,maintained that FCCPA extensively limits the scope and extent of such collaboration, particularly to exclude coordination with respect to scope or supply of services and price of services.

According to him,the FCCPA expressly prohibits any price-fixing or agreement among undertakings (whether bilaterally or multilaterally) or by undertakings acting in consensus on the platform, or under the aegis of an association to fix prices, coordinate supply or any other commercially sensitive factors that can limit or substantially prevent competition; or otherwise distort the market.

He expressed that an aspiration by members of a profession or businesses in a trade association to prevent fraud; excessive or unjust prices is laudable, however, fixing prices is not an acceptable or even proven way to accomplish these goals.

He added that fixing prices distorts the market, prevents innovation and efficiency and does not redound to the benefit of consumers or other businesses except the participants of such illegal conspiracies or conduct.

He said:”The FCCPA provides stiff penalties for cartels or any similar coordinated or collusive conduct among competitors, even at association levels; and the Commission will seek to enforce the law to its fullest extent possible where there is sufficient evidence that a business has, or is participating in any such prohibited conduct or arrangement either directly, or indirectly.

“To the extent that any combination of undertakings, including AMMBAN indeed, met, agreed or decided to impose uniform or coordinated fees/tariffs for services, this announcement should serve to ensure such undertakings cease and desist from that arrangement or similar discussions/conduct.

“The Commission is also opening an investigation to ensure the purported statement by AMBANN is not truly representative or erroneous. Where evidence demonstrates that the statement is factually accurate, the Commission will take appropriate regulatory steps to address the conduct accordingly.”

Mohammed Shosanya

Major Oil Marketers Association of Nigeria MOMAN and Depot and Petroleum Marketers Association of Nigeria,DAPPMAN,have played down huge increase in the prices of fuel on account of presidential pronouncement on the removal of fuel subsidy in the country.

The two marketers disclosed this in a joint statement on Tuesday in their reaction to the removal of the subsidy and immediate adjustment in the pump prices of the product by some marketers in the country.

It said:”We understand the concerns regarding potential price increases. However, we expect marketers to maintain reasonable pricing, as NNPCL remains the sole supplier of the product currently. We anticipate
minimal changes regarding distribution costs, considering the cost of the product constitutes 80% of the pump price.

“We pledge, in collaboration with the Nigerian Association of Road Transport Owners (NARTO) and other crucial stakeholders, to manage these distribution costs diligently to minimize their impact on the pump price. Considering this clarity of policy, we ask our suppliers to continue supplying products to all legitimate marketers.

“We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in
a bid to diversify the source of petroleum products and enhance market competition.
MOMAN and DAPPMAN will maintain open dialogue with the Federal Government, advocating for stability in the oil sector during this transitional period’

The marketers urged all stations to remain open and shun hoarding products in the country.

They reiterated that there is no cause for alarm on the strength of the assurances given by the Nigerian National Petroleum Company Limited (NNPCL) and the
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),

They urged Nigerians to avoid panic buying or stockpiling of petrol,adding that this behavior not only creates artificial scarcity but also poses a significant safety hazard.

They said:”The NNPCL has assured Nigerians of adequate fuel supply and the NMDPRA is working closely with stakeholders to ensure a seamless transition. They are ensuring distribution channels remain
uninterrupted, thereby making fuel readily available at all filling stations across the country.

They said the decision of President Bola Tinubu to remove fuel subsidy was a right step in the right direction,adding that it signals a courageous and pragmatic shift in our nation’s economic trajectory.

They added:”The decision to phase out this fuel subsidy regime is not merely a fiscal reform; it is a significant stride toward social justice. We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare. These investments symbolize our shared future, promising considerable, long-term benefits for all Nigerians”.

NDIC Moves To Liquidate 132 Microfinance Banks

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation, NDIC, says it would soon completely liquidate the 132 banks whose licenses were recently revoked by the Central Bank of Nigeria, CBN.

The Zonal Controller of the Corporation, Alhaji Shehu Usman,who disclosed this during the NDIC 2023 Financial Literacy Day at Kano Rumfa College,said the Apex Bank has since forwarded the bank to them for final liquidation.

Early in the week,the CBN revoked the operating licenses of 132 microfinance banks in Nigeria alongside those of four primary mortgage banks and three finance companies.

The Zonal Controller of the NDIC, noted that the responsibility of the corporation is to ensure the protection and guarantee of the financial disposition of Nigerians and that’s the reason they are cooperating with the CBN to achieve such missions.

On the Financial Literacy Day for the students, the NDIC boss, said it has become imperative for the students to be aware of financial transactions and how to go about it.

He explained that through the literacy day they are teaching students how to operate accounts including business transaction accounts for them to know how to invest their money or appropriately save it.

Don’t Ask Me For Contract, New NDIC Chair Tells Friends

Mohammed Shosanya

The new Chairman Governing Board of Nigeria Deposit Insurance Corporation (NDIC),Dr. AbdulLateef AbdulHakeem,has told friends and relatives not to request from him on account of his position.

He is ready to lose friends and relationship as he embarks on new drive to do something different in the institution,he said this in his acceptance speech after being inaugurated by President Mohammadu Buhari on Friday.

“Stop putting pressures on me with requests. I will not honour your requests. I am going to be very different. I am ready to lose friends and relationships. I will not award any contract throughout my tenure because that is not a part of my responsibilities.

“I will not interfere in the functions of the management. I am not excited about my new office and I am ready to quit if I am asked to leave tomorrow.

“You have no idea what my role entails. I will not take any step to betray my education, experience and exposure. No threat or pressure can recruit me into the stinking system we complain of.

” I am just a leader whose primary assignment is to lead the Governing Board of NDIC in good corporate governance and best practices in accordance with established rules and regulations. I will not do otherwise, he said.

AbdulHakeem refused to celebrate his appointment because it’s not a success,but a trial from God

He also urged his friends and relatives to hold their congratulatory messages until the day I succeed in leaving this organisation better than I met it.

His appointment,he said will be a test case
for zero tolerance for corruption and lawlessness in the institution.

He added: “My job as an Islamic preacher is far better than this trial and for your information, I have not left serving my Lord.To all those concerned, please stay on your lane. Do not bring anything before me except what is right.

“I need around me only those who understand that they will enter their graves with nothing and are truly determined to bring about the needed change in this country”.

Expose Illegal Fund Managers, SEC Tells Investors

Mohammed Shosanya

The Securities and Exchange Commission has urged members of the public to report any fund manager operating without the registration of the commission.

Chief Economist, SEC Dr. Okey Umeano,who stated this in an interview in Abuja, said the battle against illegal fund managers must be tackled in all spheres.

He disclosed that the new Investments and Securities Bill has amended some of the provisions around Ponzi schemes, illegal fund managers, and certain unwholesome practice in the market to ensure that these practices no longer happen.

“This ISB is supposed to accommodate these new operators, these new instruments and new happenings in the market. The Act is now more up to date and in line with present happenings in Nigeria and the global level. This Act also protects the investors more because we have made certain provisions in that Act that strengthens the SEC to ensure that they are better able to carry out their investor protection activities.

“Among other provisions, the bill prohibits the operation of Ponzi/pyramid schemes and other illegal investment schemes while prescribing a jail term of not less than 10 years for promoters of such schemes. This will strengthen regulation on Ponzi schemes. We are going to go all out against the promoters of such Ponzi schemes.

He said,he has gone through the marketing literature of some of these Ponzi scheme operators where they promise investors 10%, 20% in a month, which he stated is unreasonable urging investors not to patronize them.

He said:”When it is too good to be true and it sounds too good to be true, it is probably not true. There is a simple way to find out as the SEC website has a list of registered capital markets operators. Go to the SEC website type in ‘CMO search’ and you will see a list of capital market operators that are registered and that are regulated. There is also another one that some of them started doing, the organization is registered but they now create a side product that is not registered. We register both the organization and the products, check properly before parting with your hard earned money.

“In the capital market, we do not allow capital market operators to promise fixed returns. Nobody knows what the market will give, people will make some efforts but nobody can for sure tell you I will make 10% or 20% every month for you. When people tell you if you bring in money, I will pay you this amount but you have to bring in other people, you have to register other people, they are most likely to be using the money of those people to pay you, using your own to pay the person who brought you in, and that becomes the pyramid in Ponzi schemes work.

He implored investors to be cautious when these juicy returns are sold to them, urging them to contact the SEC via email at sec@sec.gov.ng or through the telephone as well as social media platforms to ascertain the registration status of such entities.

Liquidation: NDIC Fixes April 26 For Verification Of Peak Merchant Bank Depositors

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation (NDIC) has implored depositors of the failed Peak Merchant Bank to come for verification for the payment of their insured deposits.

The NDIC said the verification would commence between April 26 and May 6.

The locations for the exercise to include Eket, Akure, Bonny, and Warri,the corporation said,adding that depositors could also visit the claim’s page on the Corporation’s website on www.ndic.gov.ng for their verification.

The corporation advised that depositors could also send email to its designated email address claimscomplaints@ndic.gov.ng.

LASTMA Partners Activists On Traffic Management


The Lagos State Traffic Management Authority (LASTMA),is partnering with Civil Society Activists on effective and efficient traffic management in the state

The General Manager of LASTMA,Mr Bolaji Oreagba disclosed this on Friday during a courtesy visit by members of Civil Society Activists in Lagos to his office at LASTMA Headquarters at Oshodi.

Mr. Oreagba disclosed that the agency was not established for revenue generation as being insinuated in some quarters.

He maintained that all working ethics of the Authority including operations are being guarded and regulated by the Lagos State Transport Sector Reform Law of 2018 as amended.

“Let me inform you that the creation of the Lagos State Mobile Court where all traffic related matters are being decided was to promote fair hearing, justice and equity with reference to any infringement on the right of any motorists”

He implored civil society activists to support the agency in educating road users particularly motorists to desist from driving against traffic (one-way) as this has caused untimely death to many motoring public including innocent passersby.

“We enjoined members of the public particularly motorists to make use of Lastma hotlines (08100565860, 08129928503, 08129928597 & 08174722227) for any information or observation where necessary”

The General Manager,while urging motorists to adhere strictly to all traffic regulations however promised that any complaints sent via any of the Lastma hotlines including social media handles (twitter-ekolastma, Instagram – @followlastma & Facebook- ekolastma) shall be thoroughly investigated without any iota bias

Earlier in his rarks, the coordinator of Civil Society Activists in Lagos Comrade Gbenga Soloki, sought mutual synergy between all relevant government agencies in the state.

He commended LASTMA personnel for its steadfastness in traffic management and control in the state.

He said: “Civil Society Activists across the State would support Lastma in the area of public education and enlightenment on behavioural change of some recalcitrant motorists towards traffic managers on Lagos roads”

How Bank Customers Can Safeguard Accounts Against Fraud -NDIC

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation (NDIC) has cautioned bank customers and the public against displaying their bank details on account of the fact that fraudsters were becoming more creative and dangerous

The corporation gave four tips for bank customers to safeguard their accounts in its website.

It advised customers to ensure that their phones had password and they must not share their bank mobile application password with anyone.

It also warned bank customers to ensure that their token were secured and other parties did not have access to it.

The corporation further urged customers to ensure that their debit card numbers and Card Verification Value (CVV) were not exposed to people.

How Bank Customers Can Safeguard Accounts From Fraudsters -NDIC

Mohammed Shosanya

The Nigeria Deposit Insurance Corporation (NDIC) has cautioned bank customers and the public against displaying their bank details on account of the fact that fraudsters were becoming more creative and dangerous

The corporation gave four tips for bank customers to safeguard their accounts in its website.

It advised customers to ensure that their phones had password and they must not share their bank mobile application password with anyone.

It also warned bank customers to ensure that their token were secured and other parties did not have access to it.

The corporation further urged customers to ensure that their debit card numbers and Card Verification Value (CVV) were not exposed to people.