The Managing Director/Chief Executive Officer, Nigerian Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim, has decried losses suffered by many bank depositors who placed their funds in illegal and unlicensed institutions not insured by the NDIC.
He stated that the depositors incurred the losses because of lack of basic knowledge of financial issues.
According to him, while significant developments have occurred in the Nigerian financial service industry in recent times, available evidence shows that an average Nigerian bank customer lacks the requisite knowledge necessary for making important financial and investment decisions.
Ibrahim represented by the Acting Zonal Controller of the NDIC, Ilorin Zone, Mr. Ferdinand Jego, spoke during the second phase of the NDIC’s zonal sensitization and enlightenment campaign targeted at depositors of various licensed banks through pupils of junior secondary schools in Nigeria.
The zonal programme involved states under Ilorin zonal office of the NDIC, which comprises Kwara, Osun, Ekiti and Kogi states.
Presenting a book ‘Basic knowledge on banking and deposit insurance,’ to the Kwara State Commissioners for Education, Mr. Saka Onimago, and the Ekiti State Commissioner for Education, Science and Technology, Mr. Kehinde Ojo, the NDIC boss said it was necessary to enlighten bank depositors about banking and financial issues to boast the knowledge of financial literacy and transactions among bank customers.
Ibrahim said the book demonstrated the NDIC’s commitment to depositors’ protection as well as promotion of safe and sound banking practice and financial literacy of the general public on basic banking and financial matters.
