The Managing Director and Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has cautioned Bank depositors against patronising illegal fund managers often referred to as “Wonder Banks” or “Ponzi Schemes” which offer high-interest rates and profits that are too good to be true, leading to devastating losses for many.
His words: “These entities offer high-interest rates and profits that are too good to be true, leading to devastating losses for many, it’s important to note that these ‘Wonder Banks’ are neither licensed by the NDIC deposit Insurance Scheme.
Members of the public are therefore advised to patronise only banking institutions with a display of the NDIC stickers carrying the words ‘Insured by NDIC’ in their banking halls or entrances and various branches across the country”.
The NDIC boss stated this in his speech on the occasion of the NDIC “Special Day” at the on-going 18th Abuja International Trade Fair with the theme, “Sustainable Financing and Taxation as Drivers for the New Economy”.
The Managing Director restated NDIC determination to partner with the government in its efforts towards achieving sustainable growth noting that this falls in line with key mandate of the corporation which is to provide Deposit guarantee to depositors of insured financial institutions, bank supervision, distress resolution and bank liquidation.
The NDIC helmsman urged depositors to visit the NDIC pavilion where its experienced staff will be on ground to address enquiries and also clarify issues about the operations of the deposit insurance.
Hassan also made available the website and Toll free Help Desk Telephone line of the corporation as well as various social media platforms on Facebook, Twitter, Instagram, YouTube and LinkedIn for depositors to make enquiries.
He also thanked the President and members of the Abuja Chambers of Commerce for their presence at the occasion.
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