NDIC warns bank customers against falling prey to ponzi schemes

The Nigeria Deposit Insurance Corporation (NDIC) has warned depositor against falling prey to Ponzi schemes.

This was disclosed by the Managing Director of the NDIC, Mr. Bello Hassan who gave the warning at the on-going Abuja International Trade Fair, according to a statement by the organisation.

Represented by the Head of Public Affairs, Mr Bashir Nuhu, the NDIC Boss said, “I would also like to serve a word of caution against patronizing unscrupulous services of ponzi schemes and illegal fund managers, otherwise called ‘wonder banks’ who masquerade as deposit-taking institutions to dupe unsuspecting members of the public of their hard-earned funds.

“They offer unrealistically high returns to lure their victims only to bolt away with their money. These entities are not licensed by the CBN as deposit-taking institutions and are therefore not covered by the deposit insurance.