{
  "id": 11308390,
  "title": "NDIC blows whistle on illegal money schemes",
  "url": "https://urgent.news/2026/10/01/ndic-blows-whistle-on-illegal-money-schemes-11308390",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-01T23:50:52.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/ndic-blows-whistle-on-illegal-money-schemes/"
  },
  "original_language": "en",
  "account": "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 savings into unregulated institutions or illegal fund operators. During the NDIC Special Day at the 21st Abuja International Trade Fair, Managing Director Thompson Sunday emphasized the importance of safeguarding individual savings and maintaining a stable banking climate to achieve the Federal Government's target of a $1tn economy by 2030. He expressed concern over citizens falling victim to speculative investment setups that promise unsustainable returns. Sunday advised people to be cautious and only invest in licensed banking institutions, as the NDIC provides a crucial safety-net for customer deposits. The NDIC recently increased the maximum deposit insurance coverage to N5m per depositor for Deposit Money Banks and Mobile Money Operators, N2m per depositor for Microfinance Banks, Primary Mortgage Banks, and Payment Service Banks, and offers liquidation dividends for deposits above insured limits. The Corporation has also modernized its systems to deliver faster claim payments and launched an upgraded interactive website with a digital portal and AI-powered virtual assistant to assist the public.",
  "summary": "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:…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Punch Nigeria",
        "title": "NDIC blows whistle on illegal money schemes",
        "url": "https://urgent.news/2026/10/01/ndic-blows-whistle-on-illegal-money-schemes",
        "published": "2026-10-01T23:26:53.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}