The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against dealing with illegal fund managers, often referred to as \u201cWonder Banks\u201d or \u201cPonzi Schemes.<\/p>\n
Managing Director\/Chief Executive (MD\/CE) of NDIC, Bello Hassan , gave the warning on the occasion of Corporation\u2019s special day at the 18th Abuja International Trade Fair.<\/p>\n
He urged the public to be mindful of the unrealistic high interest rate offered by these unsecured institutions as a bait to lure unsuspecting victims.<\/p>\n
His words, \u201cWe at the NDIC hold the strong view that Knowledge is Power, and we believe that an informed depositor can make better financial decisions.<\/p>\n
\u201cI urge the public to be cautious of illegal fund managers, often referred to as \u201cWonder Banks\u201dor \u201cPonzi Schemes.\u201dThese entities offer high-interest rates and profits that are too good to be true, leading to devastating losses for many.<\/p>\n
\u201cThese entities offer high-interest rates and profits that are too good to be true, leading to devastating losses for many.<\/p>\n
\u201cIt\u2019s important to note that these \u201cwonder banks\u201dare neither licensed by the Central Bank of Nigeria nor covered by the NDIC deposit insurance scheme.<\/p>\n
\u201cMembers of the public are therefore advised to patronize 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.\u201d<\/p>\n
Hassan noted that the 2023 Abuja International Trade Fair with the theme, \u201cSustainable Financing and Taxation as Drivers for the New Economy,\u201d was relevant given government\u2019s efforts towards achieving sustainable economic growth through strengthening the financial environment.<\/p>\n
\u201cThis falls in line with the Corporations contributions of ensuring the stability of the financial system by effectively complimenting the CBN in supervising the banking sector and safeguarding depositors\u2019 funds from the adverse effects of bank failures when it occurs.<\/p>\n
\u201cIndeed, Nigerian depositors are our priority and our foundation is built on ensuring the safety and security of their deposits. This ideal is encapsulated in our strap line; Protecting your bank deposits!.<\/p>\n
\u201cThis is crucial for financial inclusion because it gives Nigerians the assurance that their money is safe and accessible when needed.<\/p>\n
Furthermore, the Corporations activities through the supervision of banks, continuous monitoring and oversight serves as consumer protection for depositors which enhances confidence in the financial system.\u201d Hassan stated.<\/p>\n
The NDIC boss disclosed that as at 22ndSeptember 2023, the Corporation had paid a cumulative insured sum of N1.08 billion naira to 29,573 depositors of the closed Micro Finance Banks and Primary Mortgage Banks (MFBs\/MPBs).<\/p>\n
\u201cIt is however instructive to let you know that payments are still ongoing and depositors with funds exceeding the insured limit will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.<\/p>\n
\u201cCurrently, the Corporation is in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 closed banks.\u201d<\/p>\n
\u201cThey are Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank\u2026<\/p>\n
\u201cHallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank and Merchant Bank.<\/p>\n
\u201cEligible parties can visit our website for more information and download verification forms at, www.ndic.gov.ng and submit them to claimscomplaints@ndic.gov.ng. \u201c<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against dealing with illegal fund managers, often referred to as \u201cWonder Banks\u201d or \u201cPonzi Schemes. Managing Director\/Chief Executive (MD\/CE) of NDIC, Bello Hassan , gave the warning on the occasion of Corporation\u2019s special day at the 18th Abuja International Trade Fair. He urged the public to […]<\/p>\n","protected":false},"author":2,"featured_media":3929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/3928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=3928"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/3928\/revisions"}],"predecessor-version":[{"id":3930,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/3928\/revisions\/3930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/3929"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=3928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=3928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=3928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}