The Nigeria Deposit Insurance Corporation (NDIC), has confirmed the payment of a cumulative sum of N8.268 billion to 443,946 depositors as at the end of the third quarter of 2021.
The NDIC also extended payment of N100.080 billion to uninsured depositors of deposit money banks in-liquidation as at September 30, 2021.
The Corporation, further advised members of the public to be wary of fraudsters camouflaging as investment outfits in the mould of Ponzi schemes and wonder banks. In 2022 fiscal year, NDIC urged Nigerians to steer clear of anything wonder bank or 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.
The corporation advised the banking public to 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 a 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 (SEC), have been waging unrelenting wars against such unregulated schemes, which promise unsuspecting investors bogus return on investment.”
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.”