Daily Trust

NDIC warns Nigerians over ‘Wonder Banks’ patronage

Again, the  Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against  patronizing ‘wonder banks’ which give extra-ordinary interest rates and profits in return on investments.


The Managing Director of NDIC, Alhaji Umaru Ibrahim, gave the warning in an address he delivered at the NDIC Special Day at the ongoing 29th Enugu International Trade Fair in Enugu on Thursday.

Represented by Director of Strategy Development, Mr Festus Ekechi, Umaru said that many Nigerians continue to lose fortunes and even their life savings to Ponzi schemes and other illegal fund managers with disastrous consequences.


He said; ‘The Corporations activities through the supervision of banks, continuous monitoring and oversight serves as consumer protection for depositors [in legal banks], which enhances confidence in the financial system.

“This acts as an incentive for the unbanked to access financial services of licensed banks.

“This is vital to financial inclusion because poor and uninformed depositors need assurance that the services of the licensed deposit taking institutions are safe and that they have access to their money whenever they need it.’’

Umaru  said that the NDIC was determined to continuously contribute to the safety and soundness of the nation’s financial system.