Bank depositors have been warned by the Nigeria Deposit Insurance Corporation (NDIC) against falling prey to Ponzi schemes.
This was disclosed by the Managing Director of the NDIC, Mr. Bello Hassan.
He gave the warning at the on-going Abuja International Trade Fair, according to a statement by the organisation.
What the NDIC MD is saying
The NDIC MD who was represented by the Head of Public Affairs, Mr Bashir Nuhu 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…