NDIC blows whistle on illegal money schemes
The Nigeria Deposit Insurance Corporation has raised the alarm on the rapid spread of illegal money schemes across the country, cautioning citizens against putting their hard-earned money in unregulated institutions or illegal fund operators. The Managing Director and Chief Executive Officer of the Corporation, Thompson Sunday, delivered the warning on Wednesday in Abuja during the Read More:…
The Nigeria Deposit Insurance Corporation (NDIC) has issued a warning about the rapid spread of illegal money schemes across Nigeria, urging citizens to avoid putting their money in unregulated institutions or fraudulent fund operators. Managing Director and CEO Thompson Sunday emphasized the importance of safeguarding individual savings and maintaining a stable banking climate for the Federal Government's target of a $1tn economy by 2030.
Sunday cautioned against high-yield financial traps that lack regulatory backing, noting the disastrous consequences of falling victim to Ponzi schemes. He advised citizens to be cautious and verify investment promises before committing their money, highlighting the safety measures provided by licensed banking institutions and the NDIC's role as a critical safety-net for customer deposits.
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