Investment with Fund Managers Not Insured by NDIC, Says Spokesperson

State Correspondent

The Nigeria Deposit Insurance Corporation (NDIC), has had disclosed that contrary to claims by some funds managers, the Corporation does not insure investments with them.

The NDIC in a statement by its Spokesperson Bashir A. Nuhu on Tuesday, said it insures ONLY deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public.

The Corporation, said the information to the public became necessary following the recent increase in investment channels arising from innovative products, as well as an increase in illegal fund managers who have been using different platforms soliciting public to invest their funds with them, promising excessive returns on such investments.

In order to protect unsuspecting depositors, NDIC said it has become necessary to continue sensitizing the public on the high risk associated with investing funds with illegal funds managers.

“To confirm whether a financial institution is covered by the deposit insurance scheme of the NDIC, please visit our website at www.ndic.gov.ng and click on Who We Cover for the complete list. You can also address any other enquiry to the Director, Communication & Public Affairs Department, Nigeria Deposit Insurance Corporation.

“Members of the public are also advised to report any entity suspected to be involved in illegal deposit mobilization to the law enforcement agencies”, Nuhu concluded.