BREAKING NEWS, Business
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THE Nigeria Deposit Insurance Corporation, NDIC, has warned Nigerians not to patronise wonder banks and other unauthorised investment schemes in the country. The NDIC said such wonder banks are not reliable and people should not entrust their resources on them.
At the special day event of NDIC at the ongoing Lagos International Trade Fair themed: “Positioning the Nigeria Economy for Diversification and Sustainable Growth,” Umaru Ibrahim, managing director, cautioned members of the public on the activities of illegal funds managers, otherwise known as wonder banks.
“It is worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth watering interest being offered by these illegal fund managers. For the avoidance of doubt, these illegal funds managers or ‘wonders banks’ are neither licensed by the CBN nor under the NDIC deposit insurance coverage. Members of the public are therefore advised to patronise only banking institutions that display the NDIC sticker: ‘Insured by NDIC’ in their banking halls or entrances,” he said.
— Nov 21, 2016 @ 01:00 GMT
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