NDIC Warns Nigerians Against Unlicensed Banks and Ponzi Schemes - Stay Vigilant!

The Nigeria Deposit Insurance Corporation (NDIC) warns Nigerians to avoid unlicensed banks and Ponzi schemes, emphasizing the importance of dealing only with licensed financial institutions. The Managing Executive, Oludare Sunday, stressed the need for customers to use banks and fintech services covered by the NDIC to safeguard their funds.

Speaking at the Abuja International Trade Fair, NDIC highlighted its role in protecting depositors' funds over the past three decades. The corporation's primary objectives include insuring deposits, supervising financial institutions, and managing distressed banks.

The MD reaffirmed the commitment to safeguarding Nigerians' funds and urged vigilance against fraudulent investment schemes like Ponzi schemes.