If for any reason your Bank Folds up today.
This is what will happen to your 200M you saved with the bank.
This is what will happen to your 5k, 10k, 100k, 300k in that account
If you saved it with the regular Traditional banks like Zenith, Access, UBA and so on.
These traditional banks are insured with NDIC and the maximum amount insured per head is 5M.
Meaning, if you have less than 5M, you will get back your complete m0ney if the bank runs down for any reason.
But for those who have more than 5M in that account, like the Odogwus dem wey get 6M, 100M, 200M. 300?
What they will get back from their 200M is just 5M from their 200M, 300M for the main time to take hold body.
The rest m0ney is considered mayne 195M is considered as unsecured balance.
They will pay you the balance in installments when they start selling the banks assets and recovering the L0an customer owe.
Same rules applies to Opay, Palmpay, Moniepoint cos they have been upgraded.
They are insured with NDIC too and their insurance maximum limit is 5M too
In summary.
Try dey split your m0ney make e no too pass 5M for each acc0unt, so that if any kasala burst
You go fit recover all your m0ney instantly
Ignorance of the law is no excuse
ยฉ Atanda
I have been privileged to work across over 20 countries including the United States and UK as a Gen Z. In many rooms I have been in, I was the youngest person.
So I can tell you, the greatest skill you need in your corner is not your certificate, but the ability to work across cultures and systems.ย
The fact that the 76-year old CEO in my workplace 3 streets away from the White House asked me to call him by his first name Damon doesnโt mean I should come back to Nigeria and call Dr. Oby Ezekwesili by her first name.
Itโs lack of social intelligence. When you are in Rome, you behave like a Roman. Adapt quickly or be left behind.
This is a very good starting point. To make it practical for a complete beginner, here is exactly what to do.
Go to the companyโs official website or NGX filings and download its last three audited annual reports. Write down these five numbers for each year.
1. Revenue. The total money made from sales.
2. Profit after tax. What remains after expenses and taxes.
3 Operating cash flow. The actual cash generated by the business.
4. Borrowings. The money the company owes lenders.
5. Dividend per share. What each shareholder received.
Compare the numbers across the three years. You want sales, profit and cash flow generally improving. You also want debt under control and dividends supported by the cash the business generates.
After that, check whether the share price is reasonable compared with the companyโs earnings and similar businesses.
Three years will not tell you everything, but it gives you a far better basis for making an informed decision.