Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Oludare Sunday, yesterday advised Nigerians to stay away from banks and other financial institutions that are not licensed by the Central Bank of Nigeria (CBN).
He also said customers must not patronised any bank, fintech and payment services that are not covered by the NDIC as well as avoid ponzi schemes.
Sunday made the appeal in Abuja at the NDIC Special Day at the ongoing 20th Abuja International Trade Fair (AITF) with the theme, “Sustainability: Consumption, Incentives and Taxation.”
Represented by NDIC Director, Performance Management Department, Olabimpe Akande, he noted that the corporation had over three decades played a vital role in safeguarding depositors’ funds, particularly the most vulnerable, and fortifying the financial system.
He said the NDIC primary objectives included insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring a smooth resolution process in the event of bank failures.
The MD further reaffirmed its commitment to protecting Nigerians’ banks. He said, “Furthermore, I would like to emphasise the importance for Nigerians to remain vigilant against Ponzi schemes and other fraudulent investment platforms.”
