NDIC Warns Nigerians Against Ponzi Schemes, Emphasizes Banking with Licensed Institutions

The Nigeria Deposit Insurance Corporation (NDIC) issued a warning against ponzi schemes during the 46th Kano International Trade Fair. Thompson Oludare Sunday, the Managing Director of NDIC, stressed the need for Nigerians to be cautious and utilize licensed banks covered by the Central Bank of Nigeria to protect their savings.

The NDIC has increased its maximum coverage to N5 million to safeguard depositors in case of bank failures. Sunday highlighted the risks of fraudulent investment platforms taking advantage of citizens, especially during economic hardships.

He urged bank customers to verify their Bank Verification Numbers (BVN) to facilitate prompt payouts in case of insolvency.