NDIC's Thompson Sunday Warns Against Unregulated Investments

The Nigeria Deposit Insurance Corporation (NDIC) issued a warning to Nigerians regarding the dangers of investing in unregulated financial schemes. During the corporation’s special day at the 21st Abuja International Trade Fair on September 30, 2026, Managing Director and Chief Executive Thompson Oludare Sunday cautioned that unrealistic returns from unlicensed fund managers could lead to significant financial losses.

He highlighted the negative impact of Ponzi schemes and urged the public to invest only in licensed financial institutions. Sunday announced enhancements in depositor protection, including expanded insurance coverage and technology-driven claims processing.

The revised insurance limits provide full protection for over 98% of depositors, with coverage of up to N5 million for Deposit Money Banks (DMBs) and Mobile Money Operators (MMOs), and N2 million for Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Payment Service Banks (PSBs). He also introduced an upgraded NDIC website featuring automated claims-processing tools and an AI-powered virtual assistant.