In continuation of the activities outlined to commemorate the 2015 Global Money Week and in keeping with its commitment to building a financial literate generation, the Central Bank of Nigeria (CBN) has held a School Mentoring Programme at Junior Secondary School, Wuse Zone 3, Abuja.
The CBN’s Deputy Governor Corporate Services Mr. Adebayo Adelabu who lectured the students on how to grow money and invest it urged them to imbibe the habit of saving money and growing it in order to become wealthy in future.
“Don’t say you are children and you don’t need money. It is only a sick person that does not think of money first. Saving money in a box or wallet at home is a good starting point. After saving, you cultivate the habit of depositing your money in a bank or investing it. This will make your money to grow and yield interest,” he advised them.
Mr. Adelabu also teach the students types of financial institutions, their functions, how to operate various bank accounts and how they can help grow their money. He also educated them on how to use latest technologies in banking industry such as ATM cards and Deposit Machines.
He also educates the students on the importance of cooperative societies in growing money and encouraged them to join or form cooperatives in order to grow money. The Deputy Governor also gave them investment tips and how to buy shares in the Nigerian Stock Exchange. He also lectured them on various lending instruments such as bonds and mutual funds and encouraged them to invest in fixed assets.
On insurance and protecting investments, the Deputy Governor said “just like you eat good food and take vitamins to protect your body from sickness and allow you to grow, you need to protect your money and investments in a similar way by getting insurance. He said insurance protects against negative situations such as fire, accidents and theft. Mr. Adelabu charged the students to educate their parents on the importance of insuring their investments at all times and urged them to make use of what they learnt now and in future.
In her own remarks, the CBN’s Deputy Director and Head Consumer Education in Consumer Protection Department, Mrs. Khadijah Kasim expressed the hope that the mentoring programme will guide the students in making investment decisions in the future. “Getting a Deputy Governor to talk to them will not be lost in their memory for a very long time, that is why we call in a mentoring programme,” she said.
The Principal of the school Mr. Bala Mantu thanked CBN for the opportunity given to the students and solicited for the support of the bank to equip the school library