NDIC To Upscale  Financial Literacy Among Nigerians

Yemisi Izuora

The Nigeria Deposit Insurance Corporation, (NDIC), has promised to redouble efforts at enhancing financial literacy to equip more Nigerians with the requisite knowledge to make informed financial decisions in their engagement with various financial institutions.

The Managing Director of NDIC, Umaru Ibrahim disclosed this during the occasion of the Corporation’s Special Day at the 40th Kaduna International Trade Fair on Thursday.

Ibrahim who was represented by the Head of Communication and Public Affairs Department, Mohammed Kudu Ibrahim said in 2018, a total of 4,083 Nigerians benefitted from such programs through the Kaduna, Enugu, Lagos and Kano International Trade Fairs.

He recalled that in 2017 and 2018 respectively, the Corporation mentored over 3,260 students of secondary schools across the country on financial literacy, while 841 students were hosted on academic visits to our Head Office in Abuja.

The MD, further explained that NDIC has commenced the process of verification and payment of depositors of 154 MFBs and 6 PMBs whose licenses were recently revoked by the Central Bank of Nigeria in the last quarter of 2018.

According to him, the Corporation has recorded tremendous achievements in implementation of various failure resolution strategies that ensured the continuous access of depositors to their savings.

“It is on record that the ‘Bridge Bank’ resolution option adopted by the Corporation in the case of the defunct Skye Bank saved over 6,000 jobs in the industry, and also ensured that normal operations continued in all the 277 Branches of the banks.

” In addition, the resolution option utilized which was completed with the establishment of the ‘Bridge Bank’ now called the Polaris Bank, ensured that depositors of the closed banks had unhindered access to their deposits in excess of N949.60 billion as at June 2018.

” The Corporation also been relentless in its debt recovery efforts particularly the debt owed to banks in-liquidation so as to enhance payment of liquidation dividends to depositors whose balances are in excess of the insured limits.

” In 2018, a total of N526,397,116.26 was recovered in respect of Deposit Banks in-liquidation, N51,159,867.97 and N710,057.83 from Primary Mortgage Banks and Micro Finance Banks respectively”, Ibrahim explain.

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