The Benin Zonal Controller, Nigeria Deposit Insurance Corporation (NDIC), Mrs. Patricia Okosu, Thursday, urged Nigerian youths to desist from earning money through fraudulent means.
NDIC Zonal Controller gave the advice while addressing hundreds of Delta secondary school students at the 2025 Financial Literacy Day held in Asaba, Delta state with the theme: “Think Before You Follow, Wise Money Tomorrow.”
Mrs. Okosu advised Nigerians to always protect their private banking pins while making money transactions to avoid hacking of their accounts by frausters.
She said NDIC collaborates with CBN to monitor and supervised banks to ensure they operate in safe and sound manner, so as to protect depositors, foster monetary stability, promote effective and efficient payment system.
According to her, “NDIC is an agency of federal government with CBN and federal ministry of finance holding its share in the ratio 60-40 respectively.
” The NDIC is the sole body responsible for guaranteeing deposits and carrying out liquidation of failed financial institutions in Nigeria.”.
However, she noted that their core mandates include deposit guarantee, bank liquidation, banking supervision and failure resolution.
“Supervision is done through off-site surveillance and on-site examination of insured institutions, the corporation also ensures that failing and failed institutions are resolved in a timely and effective manner”. She said.
Meanwhile, the Delta state government commended NDIC for its commitment to promoting financial literacy among secondary school students.
The Commissioner for Secondary Education represented by Deputy Director (Secondary education), Mrs Justina Ishalaa, said the initiative align with the state government’s efforts to equip the youths with the knowledge and skills necessary to navigate the complexity of the modern economy.
She urged the youths to take advantage of the opportunity to learn from the expert and gain valuable insight into effective financial management
She said the theme of this financial literacy Day, is particularly apt as it underscore the important of prudent financial decision making especially among the youth.