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NDIC pays N8.268bn to liquidated bank depositors

…cautions public against Ponzi schemes and wonder banks

The Nigeria Deposit Insurance Corporation (NDIC) paid a cumulative sum of N8.268 billion to 443,946 depositors and N100.080 billion to uninsured depositors of deposit money banks in-liquidation as at September 30, 2021. The Corporation, which yesterday confirmed the various sums paid via its verified Twitter handle, advised members of the public to be wary of fraudsters camouflaging as investment outfits in the mould of Ponzi schemes and wonder banks. In 2022 fiscal year, NDIC urged Nigerians to steer clear of anything wonder bank or ponzi schemes.

“As the new year begins, avoid anything to do with this word, whether in your personal or professional life. Beware of offers of big payouts from unverified financial institutions. They are most likely wonder banks or Ponzi schemes.

The corporation advised the banking public to stay vigilant against Ponzi schemes, which are fraudulent investment scams that promise high rates of return with little or no risk to investors. “There has been a proliferation of wonder banks and Ponzi schemes in Nigeria’s financial space. Nigeria’s financial regulatory agencies, the Central Bank of Nigeria, NDIC and Securities and Exchange Commission (SEC), have been waging unrelenting wars against such unregulated schemes, which promise unsuspecting investors bogus return on investment.”




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