The Nigeria Deposit Insurance Corporation has provided insights into how banks in the country have remained stable without arbitrary liquidations.
According to the NDIC’s Zonal Controller in Bauchi, Ajiya Bazarma, stringent supervision has been a key measure in preventing such incidents.
Bazarma made this statement on Thursday in Gombe at Government Day Secondary School, Gandu, during the 2024 World Savings Day celebration, themed ‘Act of Humanity.’
He said, “By ensuring regular supervision of banks, we fulfil one of our key mandates—apart from deposit protection, we supervise banks.
“NDIC oversees banks in the interest of depositors, ensuring that bank owners cannot misuse funds. With regular oversight, we monitor their actions closely and counter any inappropriate moves.”
Bazarma stressed that the corporation is committed to ensuring depositors recover their funds without incurring losses.
“This is exactly what we do to safeguard depositors’ funds and, in cases of difficulty, we step in to pay the insured amount,” he added.
Explaining the corporation’s motivation for promoting financial literacy among students, Bazarma noted that they are the leaders of tomorrow.
He said, “I’m here with my team to educate the students at Government Day Secondary School, Gandu, in Gombe State on World Savings Day. Last year, we celebrated it in Bauchi, and it’s important to cover the entire catchment area, of which Gombe is a part.
“Choosing a school like this is crucial, as instilling a savings habit in young people—who are the leaders of tomorrow—will help them grow up with financial literacy. They will learn how to invest and manage money rather than spending beyond their means.”
The Principal of GDSS Gandu, Usman Buba, commended NDIC for imparting financial literacy to the students, highlighting that it would greatly contribute to poverty reduction.
He said, “We really appreciate this initiative, and it will help the children immensely. Many students have skills but lack a savings culture. This programme will greatly benefit them.”
In his remarks, Gombe State Commissioner for Education, Dr. Aishatu Maigari, represented by the Director of School Sports and Extracurricular Education, Isa Doho, praised NDIC for commemorating World Savings Day and urged students to make the most of the resources provided.