SEC Technical Committee Takes Financial Literacy to Schools

The Technical Committee on the Financial Literacy Week (TCFLW) of the Securities and Exchange Commission (SEC) will from next week carry its financial literacy campaign across the country including schools.This is in line with the determination of SEC to close the financial literacy gap in the nation whilst deepening the level of awareness about the Nigerian capital market. It is also in alignment with the forthcoming World Savings Day celebration by the Central Bank of Nigeria and the entire financial sector.

The Chairperson of the TCFLW, Mrs. Oluwatoyin Sanni said in a statement at the weekend that plans are being concluded to hold special programmes across the geo-political zones of the country, to coincide the world savings day.

She said to begin with, multiple fora would be held in Kano (Kano State) to represent the Northern zone, Port Harcourt (Rivers State) to represent the Southern zone and Abeokuta (Ogun State) for Western Nigeria.

“The literacy drive and aware- ness campaign will be extended to other locations as we move on. However, we are beginning with these three locations and this would commence from the 31st October to the 4th of November,” she said.

Specifically, the event will hold in Kano on October 31, Port Harcourt on November 2, and Abeokuta on November 4.

Sanni, who said the literacy drive and awareness campaign is in line with the Capital Market 10-Year Master- Plan of the Commission, noted that it is very necessary, considering the generally low level of financial literacy and capital market awareness across the country.

According to her, in Nigeria, financial illiteracy, amongst other factors, could be said to have contributed to the crash of the Capital Market in 2008/2009.

“The public is largely unfamiliar with the workings and benefits of the capital market. The loss of investor confidence in the market due to crisis that hit the banking industry and capital market some years back, partly resulted from lack of financial knowledge. This is why the Master Plan mapped strategies to raise literacy level and awareness about the market. What the Committee is doing is to begin to implement some of those strategies,” Sanni said.

The chairperson disclosed that apart from presentations to be made by market operators and other stakeholders at the various events, quiz competitions, and debates would be organised for secondary schools and universities at the chosen venues.

“We have invited students from secondary schools and universities to be part of the programme because we believe in catching them young and once they become more aware about the workings of the market, they can, in turn spread the message and educate others as well,” she said.

She added that our host governors and other top government functionaries from the selected host states, traditional rulers and eminent persons, regulators and market operators are expected to be in attendance at the different locations.