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NDIC Pays N108.2bn To Depositors Of Liquidated Banks

NDIC Pays N108.2bn To Depositors Of Liquidated Banks

The Nigeria Deposit Insurance Corporation (NDIC ) has paid cumulative sum of N8.268bn to 443,946 depositors and N100.08bn to uninsured depositors of Deposit Money Banks in-liquidation.

The Corporation which confirmed the various sums paid as of 30th September,2021 via its verified twitter handle, admonished the banking public to be wary of fraudsters camouflaging as investment outfits.

In the 2022 fiscal year, the NDIC urged Nigerians to steer clear of the activities of ‘Wonder Banks’ and ‘Ponzi Schemes.’

“As the new year begins, avoid anything to do with this word whether in your personal or professional life. Beware of offers of big payouts from unverified financial institutions. They are most likely Wonder Banks or Ponzi Schemes.

“Stay vigilant against Ponzi Schemes which are fraudulent investment scams that promise high rates of return with little or no risk to investors.”

There has been proliferation of wonder banks and Ponzi schemes in Nigeria’s financial space.

Nigeria’s financial regulatory agencies- the Central Bank of Nigeria, NDIC and Securities and Exchange Commission, have been waging unrelenting wars against unregulated ponzi schemes which promise unsuspecting investors bogus Returns on Investment.

In a renewed bid by NDIC to further enlighten unsuspecting members of public to the continued activities of wonder banks in Nigeria’s finance space, the corporation urged Nigerians to ” beware of offers of big payouts from unverified financial institutions. They are most likely Wonder Banks or Ponzi Schemes”

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