The NDIC Zonal Controller in Sokoto, Mr Umar Kaoje-Bello, gave the advice on Wednesday at a lecture organized by the corporation to commemorate 2023 Financial Literacy Day at Hafsatu Ahmadu Model Arabic Secondary School, Sokoto.

The event witnessed the presentation of the lecture on two topics ” Plan your money, plan your Future” and ” Mandates and Operations of NDIC ”.

In a presentation, Kaoje-Bello said that NDIC had been mentoring secondary school students on the benefits of efficient savings and money management.

He said the aim was to encourage financial prudence and management as well as encourage savings and proper budgeting habits among students.

Kaoje-Bello said it was also to accelerate investment growth in the nation’s economy through financial literacy, resource management, budgeting, and saving culture.

He said the exercise provided an opportunity to educate youths on commercial and microfinance banks’ activities and the dangers of keeping money in an insecure environment.

According to him, good savings and proper budgetary habits would encourage prudence, transparent dealings, and the growth of businesses.

He advised students to utilise their skills on monetary value, power of choice, investment and planning, spending priority, and other financial engagements.

Kaoje-Bello also urged them to be wary of financial frauds, which mostly occur through online banking, Point-of-Service operators, and others, due to greed and eagerness to obtain cheap proceeds.

He said that the agency remained committed to promoting savings, budget culture, and remodeling of youths to improve their financial inclusion.

Mr Tanko Ibrahim, the Manager Corporate and Communications Department of NDIC, said the agency was desirous to derive financial inclusion in people’s daily activities, especially the rural dwellers.

Tanko explained that the primary objective of the deposit insurance system in the country was to protect the interest of small depositors, promote public confidence and ensure financial system stability.

“The NDIC also wants to promote saving culture and financial planning.

In spite of the difficulty in earning money, some people are still reckless with it due to the lack of budgeting.

“If you have a budget, you do not spend your money outside the budget lines,” Tanko said.

He said the NDIC is responsible for paying half a million and below for commercial bank depositors and N200,000 for microfinance institutions when liquidated.

Tanko led students to a question and answers session after a video show on financial management, NDIC functions, and educational activities.

Speaking in his remarks, the Branch Controller of Central Bank of Nigeria, Sokoto, Mr Dahiru Usman, said commercial banks and microfinance institutions were available in the country with strict regulations on safeguarding deposits and financial transactions.

Mr Aliyu Umama,  from the Drug Demand Reduction Unit of the National Drugs Law Enforcement Agency, Sokoto state command, cautioned students on the dangers of drug abuse and related transactions.

The school Principal, Hajia Hadiza Bature, described the event as beneficial and urged the students to take advantage of the event to change their attitude toward saving money.

In his remark, the Director of Schools in Sokoto State Ministry of Basic and Secondary Education, Alhaji Bala Junaidu, lauded NDIC for bringing the programme to the school and hoped it would help to inculcate in the students better monetary planning for their future.

The Managing Director of NDIC, Malam Bello Hassan, gave the assurance during the NDIC Special Day at the 44th Kaduna International Trade Fair which was held in the state capital on Thursday.

According to Hassan, depositors need not panic over the new CBN monetary policy as regards to the safety of their funds in any commercial bank in the country.

“Depositors need not worry. Their money is safe,” he said, adding that “depositors’ monies are 100 per cent safe.”

“I assure you that within a few days, things will return to normalcy but there’s a monitoring committee now on it. So, let’s appreciate the fact that policy comes with challenges,” he added.

The NDIC boss also disclosed that the corporation has won the court case against the shareholders of the defunct Fortune Bank International.

He added that depositors of the bank could file their claims for the purpose of reimbursement of their trapped deposits in the bank.

Hassan, represented by the Manager, Communications and Public Unit of the Corporation, Tanko Yahaya, also called on the depositors and creditors of 20 closed microfinance, primary mortgage, and deposit money banks, to come for verification and payment of the excess of their guaranteed sums.

He added that the deposit money banks, primary mortgage banks, the 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.

Hassan 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-staffs of two MFBs and a PMB, details of which are still available on our website and social media handles.

“I call on depositors, creditors and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the Corporation to claim their funds.

“We are happy to notify the general public that the Corporation has won the court case versus shareholders of the defunct Fortune Bank International, hence all depositors of the defunct bank can now visit our offices across the country to file their claims for the purpose of reimbursement of their trapped deposits in the bank or use the other channels.”

The affected banks have been shut down.

The Nigeria Deposit Insurance Corporation disclosed this in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’.

In a statement, the NDIC said it would promptly commence the verification of claims of depositors from today.

“This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020,” the notice said.

The affected banks are Hedgeworth MFB, Utako, Abuja;    Future Growth MFB, Utako, Abuja;  Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB, Uyo, Akwa-Ibom State;  Gufax MFB,  Uyo, Akwa Ibom State, Partnership  MFB, Onitsha, Anambra State;  ICB MFB, Ilah, Delta State;  Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State.

Others are Ringim MFB, Ringim,  Jigawa State; Bigthana MFB, Ali Akilu Road,  Kaduna;  Rogo MFB, Rogo LGA, Kano State;  Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji  L.G.A., Kano State;  Ajingi MFB, Ajingi LGA, Kano State; Garko MFB,  Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State;  Mopa  MFB, and Mopa, Kogi State.

Others are Solid Base MFB, Ijumu  LGA, Kogi State; Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB,  Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit  Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa,  Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State.

Also on the list are Metro  MFB, Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State;  Korede MFB, Igbotako, Ondo State; Ahetou  MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State.