Understanding the Nigerian Financial System for Secondary School Students
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About this ebook
This book aims to create an understanding of the Nigerian financial system. It is written for secondary school students and adults seeking to understand the financial system. Students who read this book will become working adults with a better understanding of the financial system and of how to make more informed decisions about making and spending money.
Anthony Osae-Brown
Anthony Osae-Brown is a financial journalist and communication professional with over a 14 years experience writing about economic and financial issues in Nigeria as well as working in the communication departments of leading banks. He has a deep understanding of economic and financial issues as it relates to the Nigerian and West African economy, and its relationship with global economic issues. He had worked with leading newspapers like BusinessDay, Nigeria’s leading business newspaper, and mergermarket (formerly, the financial Intelligence news service of the Financial Times). He is also a regular contributor on economic issues on BBC. He is regularly consulted by foreign firms conducting due diligence on Nigerian companies or individuals seeking a perspective on economic issues concerning Nigeria and West Africa. As a communication professional that has worked with leading banks, he has used his strong writing skills to shape the brand perception and reputation of some of Nigeria’s leading banks resulting in significant improvement in product sales. He is well versed in financial communication, as well as financial and economic analysis.
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Understanding the Nigerian Financial System for Secondary School Students - Anthony Osae-Brown
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Bloomington, IN 47403
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Phone: 1 (800) 839-8640
© 2016 Anthony Osae-Brown. All rights reserved.
No part of this book may be reproduced, stored in a retrieval system,
or transmitted by any means without the written permission of the author.
Published by AuthorHouse 05/19/2016
ISBN: 978-1-5246-1028-9 (sc)
ISBN: 978-1-5246-1029-6 (e)
Library of Congress Control Number: 2016908236
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Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.
14867.pngDedication
For KK and Maya
Contents
Introduction
Chapter 1 So What Is a Financial System?
Chapter 2 This Is the Financial Market
Chapter 3 The Twin Daughters of the Financial Market
Chapter 4 Revealed: All the Players in the Financial System
Chapter 5 What Do Regulators Do?
Chapter 6 Nigerian Deposit Insurance Corporation (NDIC)
Chapter 7 The National Insurance Commission (NAICOM)
Chapter 8 Securities and Exchange Commission (SEC)
Chapter 9 Self-Regulators and Operators in the Capital Market
Chapter 10 The Pension Commission (Pencom)
Chapter 11 Examples of Financial Institutions
Chapter 12 Financial Institutions in the Mortgage Sector
Chapter 13 Non-Banking Financial Institutions (NBFIs)
Chapter 14 Capital Market Operators (CMOs)
Chapter 15 Other Investment Options in the Capital Market
Chapter 16 Operators in the Pension Industry
Chapter 17 The Specialized Banks
Chapter 18 Special Financial Institutions
Chapter 19 Career Opportunities in the Nigerian Financial Industry
Chapter 20 International Professional Qualifications
Additional Resources
Introduction
Despite the importance of money, many of us go through life knowing little or nothing about how to manage it. Yet it has been shown that financial literacy is important in making financially responsible decisions that often have an impact on one’s financial welfare. Financial literacy is about understanding the roles of banks and other financial institutions, how the decisions they take or do not take affect our everyday lives, how to access financial services to improve our well-being, and generally how the systems of savings, investment, and credit impact on our lives.
Simply, financial literacy is about understanding how money is earned and how to spend it in a way that enhances your welfare and ability to earn more money in future. It is about how the average person makes decisions to save, invest, or buy. It is about how to multiply the money one has earned and ensure that one does not run out of money.
This book has been written to explain the basics of the financial system for secondary school students. Teachers will find it useful to teach financial literacy in schools. It is an easy read, and there are questions at the end of each chapter to test students’ understanding of the topic treated.
The last few chapters deal with the career options available in the financial system. Students usually do not have this knowledge and thus are not able to make informed decisions on future career options. This book will prove an invaluable help in that direction. I have no doubt that all students reading through this book will develop a good understanding of the Nigerian financial system, and perhaps develop the interest to further explore the world of finance and money.
Chapter 1
So What Is a Financial System?
ThinkstockPhotos-485982760%20(CHAPTER%201).tifBefore we talk about the financial system, let us talk about money and its origins in Nigeria.
Money has not always been what we now know as money. Different things have served as money over the years, including salt, corn, and rice. In pre-colonial Nigeria, cowries were used as money. Precious metals like gold and silver served as money before the paper money that we all know.
Have you ever thought about what makes money, money?
For anything to be considered money, it must be accepted by everyone as money. Money must also be scarce. If everyone had money, then no one would desire it, and it would no