Phillips Oduoza calls on parents to encourage their kids to be financially smart

Phillips Oduoza, the Group Managing Director of United Bank for Africa (UBA) Plc, has called on parents to ensure that their children become financially smart at an early age stating that "Financially smart kids will become wealthier adults".

Kogi State Governor, Captain Idris Wada; GMD/CEO, UBA Plc, Mr. Phillips Oduoza, officials of Kogi state and UBA with students of Crowther Memorial  College Lokoja, during financial literacy training programme for students, an initiative of CBN, held in Lokoja

He gave the advice while teaching students of Crowther Memorial College, Lokoja, Kogi State, financial literacy skills, taking them through  the basics of savings, budgeting, pensions, insurance and investments.

"When we were growing up, no one thought us about money. We were thought biology, physics, chemistry, economics, but nothing about money. Yet we all grow up realizing money is something we have to deal with everyday. That is why the Banker's Committee of the Central Bank of Nigeria, decided to embark on this initiative."  Oduoza said.

Oduoza also explained that UBA decided to come to Lokoja to carry out its financial literacy training because it realizes such education should not be restricted to students in the big cities only. He advised the students to take an interest in knowing about money as it will make them better adults in future.

Also speaking at the occasion, Captain Idris Wada, the Governor of Kogi State, commended the GMD for taking time off his very busy schedule to personally come to teach the students financial literacy skills.  He   commended UBA, the Central Bank of Nigeria (CBN), and the Bankers Committee for taking on the initiative of introducing students to financial concepts.

GMD/CEO, UBA Plc, Mr. Phillips Oduoza; MD, UBA Foundation, Ms Ijeoma Aso; Regional Bank Head, Central, UBA Plc, Mr. Ibrahim Puri with students of Crowther Memorial College, during financial literacy training programme for students, an initiative of CBN, held in Lokoja 

"There is no doubt that this initiative will create a generation of adults who will have a better understanding of money, how to make money and most importantly, how to manage it." The Governor said.

The governor explained that he personally attended the training because of the priority his government places on education.

He disclosed that UBA’s contribution to education development in the state has been significant and called on other financial institutions in the state to contribute to the economic development of the state.

Earlier, Ijeoma Aso, the MD/CEO, UBA Foundation, donated several copies of literature books to Crowther  Mermorial College under the UBA Foundation's Read Africa Initiative.

She asked the students to ensure that they read at least one book a month, so that they will read a minimum of 12 books in a year.

Also speaking, Mrs Grace Elebiyo, the commissioner education, Kogi State, commended UBA for coming to the school to educate the children on financial issues. He said that the initiative will have a long term impact on the well being of the students in future.

She advised that the students to imbibe the culture of savings and investing at an early age. She also called on the bank to spread financial literacy education to all schools in Kogi State, so that more students will be exposed to financial knowledge while requesting that UBA collaborate with the State in developing a financial literacy curriculum for schools.

Oduoza took time after his lecture to answer questions from the students.

Students asked different questions different aspects of finance bordering on savings, the difference between needs and wants, pensions, how to better manage their pocket money which the UBA GMD provided answers.