The Nigeria Deposit Insurance Corporation (NDIC) is taking active measures to maintain the stability of Nigerian banks and prevent arbitrary liquidations through rigorous supervision, as shared by Ajiya Bazarma, NDIC’s Zonal Controller in Bauchi. During the 2024 World Savings Day event in Gombe, Bazarma highlighted NDIC’s role in overseeing bank operations to safeguard depositors’ interests, ensuring that bank owners cannot misuse funds.
Bazarma explained that NDIC’s strict oversight helps protect depositors’ funds, allowing the corporation to intervene and reimburse insured amounts in cases of bank difficulties. NDIC’s preventive approach is a vital component of Nigeria’s banking sector stability and aligns with their mandate to protect depositors.
The event also focused on promoting financial literacy among students. Bazarma, speaking at Government Day Secondary School in Gombe, emphasized the importance of fostering a savings culture in youth, highlighting that early financial education helps young people learn to manage money wisely. This initiative, celebrated annually, aims to instill financial responsibility and encourage prudent spending and investment habits among future leaders.
The school’s principal, Usman Buba, praised the program for its potential to alleviate poverty by teaching students the value of savings. Representing the Gombe State Commissioner for Education, Isa Doho, urged students to embrace the knowledge shared, underscoring the role of financial literacy in economic empowerment.
