Lagos: The Managing Director and Chief Executive Officer of First Bank of Nigeria Ltd., Mr. Olusegun Alebiosu, has urged young Nigerians to embrace financial literacy as a means to prevent fraud, manage income, and ensure financial security. Alebiosu shared this advice during the Financial Literacy Day programme at International School Lagos, University of Lagos, as part of the 2026 Global Money Week activities.
According to News Agency of Nigeria, Alebiosu, speaking virtually on smart money management, emphasized the significance of budgeting, disciplined spending, and regular savings. He stated that smart money management involves how individuals think, plan, question, and protect their finances. It is crucial for making wise decisions, planning for the future, and avoiding financial setbacks.
Alebiosu highlighted that financial literacy equips people with the necessary knowledge to avoid scams, ask pertinent questions, and make informed financial choices. Effective money management begins with prioritizing and allocating income to essential needs such as transportation, communication, and savings.
He encouraged participants to develop regular saving habits, noting that savings offer financial security and lessen reliance on others. Savings should be structured around short, medium, and long-term goals, including emergencies, education, business development, and asset acquisition. Alebiosu also urged students to invest in skills that can generate additional income and enhance financial stability, emphasizing that discipline and self-control are vital for sound financial management.
Mrs. Afolake Oredola, Business Manager at the Commercial Banking, Lekki Branch of FirstBank, also addressed the students, educating them on entrepreneurship and responsible financial behavior. She advised against impulsive spending, succumbing to peer pressure, and engaging in risky financial schemes, while promoting consistent savings habits.
Oredola suggested that young people could earn legitimate income through skills such as photography, teaching, design, and online jobs. In response, Master Oluseye Elijah, an SS2 student of the school, remarked that the programme offered practical lessons on budgeting, saving, and responsible spending. The 16-year-old student noted that the session enhanced his understanding of financial discipline and future planning.