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 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.

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”.

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.

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.

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.

Nigeria Deposit Insurance Corporation (NDIC) has raised sufficient funds to pay all depositors and creditors of all the 20 closed microfinance, primary mortgage, and Deposit Money Banks.

The corporation implored depositors and creditors of affected banks to come for verification and payment of the money that are in excess of their guaranteed sums.

Its Managing Director/Chief Executive Officer, disclosed this at the NDIC Special Day at the 44th Kaduna International Trade Fair.

The deposit money banks, primary mortgage banks, payment service banks and mobile money operators were all insured up to N500,000 per depositor per bank, while those of microfinance banks were insured up to N200, 000 per depositor per bank.

He said: “Recently, the corporation repeated its call to depositors of 20 closed banks on which it has declared full (i.e 100%) liquidation dividends, to come forward for verification and payment of their deposits that are in excess of the guaranteed sums.

‘’The implication of this is that through our dogged liquidation activities, the Corporation has realized enough funds to fully pay all depositors of the closed banks.

“Similar notices were also sent to creditors of seven DMBs in liquidation, as well as depositors and ex-staff of two MFBs and a PMB, details of which are still available on our website and social media handles.

The Nigeria Deposit Insurance Corporation (NDIC) has deployed a single customer view (SCV) reporting template to microfinance and primary mortgage banks to reduce the turnaround time in the settlement of their depositors in event of failure and liquidation.

Managing Director of the Corporation, Hassan Bello,who disclosed this at the opening of an editors’ forum in Lagos,said SCV presents single, unique and consistent information on bank depositors for faster pay-out of insured claims.

The new template is expected to reduce the waiting period of depositors of the specialised banks in the event of liquidation,he said,adding that NDIC, in collaboration with the Central Bank of Nigeria (CBN), is working on a new scheme called the National Association of Microfinance Banks Unified Information Technology (NAMBUIT), a platform that would provide uniform banking application to all the microfinance banks (MFBs) to facilitate seamless filing of returns to the regulators.

He added:“At the end of December 2022, the NAMBUIT platform had on-boarded quite a significant number of the MFBs and the number is expected to increase considerably this year”

He said,deposit insurance is critical to achieving financial stability, calling for the support of the media in deepening awareness about the activities of NDIC to strengthen the country’s banking sector.

He noted: “Coming out of the COVID-19 Pandemic and the global recession, there is no better time than now, to redirect our attention to the critical role and achievements of the Corporation in protecting depositors’ funds through enhanced supervision of insured financial institutions and deposit guarantee, to minimize the negative impact of bank failure on depositors and the financial system.

Hassan identified Ponzi schemes as a major concern in the financial system, saying NDIC has, over the years, embarked on different campaigns to enlighten the public on the threat and possible preemptive measures they could take.

The Nigeria Deposit Insurance Corporation (NDIC) has assured bank depositors of the safety of their monies in banks even in unlikely event of bank failure.

Dr Kabiru Katata, Director, Research Policy and International Relations Department of NDIC, said this on Tuesday in Port Harcourt in a lecture at the 2022 workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN).

He said the corporation had a strong safety net system in collaboration with the Central Bank of Nigeria (CBN).

According to him, the corporation welcomes complaints of bank customers seeking redress against unfair treatment.

He added:”No CBN, NDIC staff will tell you that any bank is having issues so, if you hear the rumours, discard them.In an unlikely event where it is true, it will be announced and be assured that 99.9 per cent of your deposits are safe.Once in a while, there might be issues but the safety net system is strong. NDIC has its resolution power, CBN have their own too”

He said that no country would achieve development without the majority being involved in the financial system.

Katata said that without financial inclusion, poverty would not be effectively eradicated from the country.

He listed some challenges faced by the corporation to include legal challenges to revocation and liquidation activities and lack of public awareness of the Deposit Insurance System (DIS).

He added that the corporation also conducted cyber-security examination in conjunction with the CBN to review the adequacy of information technology controls put in place by banks.