…Charges students to imbibe saving culture
From Uche Usim, Abuja
The Nigeria Deposit Insurance Corporation (NDIC), on Tuesday, revealed that cumulative payments to depositors, creditors and shareholders of banks in-liquidation as at June 30, 2023 stood at N120,262,406 billion.
An official of the Corporation, Tanko Ibrahim, made the disclosure in Abuja at this year’s World’s Savings Day celebration organised by the NDIC and held at the Government Secondary School, Tudun Wada, Wuse Zone 4. The theme of this year’s edition is: “conquer your tomorrow through savings”.
Breaking the figure down to granular details, Ibrahim said 444,010 insured depositors of Deposit Money Banks (DMBs) got N8.269 billion, while uninsured got N102,092 billion. More so, 1,027 creditors got N1.281 billion and 980 shareholders got 4.895 billion.
For Microfinance Banks (MFBs), 97,419 insured depositors got *N3.639* billion, while the uninsured got N20.206 million.
With regards to the Primary Mortgage Banks (PMBs), 1,833 insured depositors got N124.764 million and uninsured ones got N211.436 million.
He further explained to the students that in the event that a bank cannot be assisted by any of the resolution options, and therefore fails, NDIC ensures that liquidation is done in an orderly and efficient manner. “Liquidation commences after the revocation of operating license by the CBN. It involves: revocation of operating license;orderly closure; settlement of claims – depositors (priority), creditors and shareholders where possible; and cost effective realization of assets”, he added.
In his presentation at the event, Dr Waziri Galadima, Principal Manager, Research Department of NDIC, charged the students to be prudential spenders and excellent managers of resources.
He also tasked them to run on budget through prioritization of needs.
He advised the students to save regardless of how tiny the resources the stream is.
Galadima said: “Why is it important to save? Throughout your life, you will be faced with many decisions about saving and spending. Your goals can vary from smaller purchases such as a new smartphone to larger purchases, such as a car or a house, to long-term savings for any unknowns.
“Everybody should know how to create a budget, how to track spending, and how to save for the future”, he advised the students.
He asked them to shun lavish lifestyles and ensure they prioritize their needs and spend accordingly.