NDIC's Thompson Sunday Warns Against Illegal Money Schemes

The Nigeria Deposit Insurance Corporation (NDIC), under the leadership of Managing Director and Chief Executive Officer Thompson Sunday, has issued a warning regarding the increasing prevalence of illegal money schemes in Nigeria. This announcement was made during the NDIC Special Day at the 21st Abuja International Trade Fair on Wednesday.

Sunday urged citizens to refrain from investing their money in unregulated institutions or illegal fund operators, stressing that such investments often lead to significant financial losses. He expressed concern over the number of Nigerians who continue to keep substantial funds outside the formal banking system, attracted by unrealistic returns from unlicensed fund managers.

Sunday highlighted the NDIC's role in providing safety measures for depositors, noting that maximum deposit insurance coverage limits were raised in 2024 to N5 million for Deposit Money Banks and Mobile Money Operators, and N2 million for Microfinance Banks, Primary Mortgage Banks, and Payment Service Banks. This enhancement ensures 100% deposit coverage for over 98% of bank depositors nationwide.