The Nigeria Deposit Insurance Corporation (NDIC) has advised depositors to verify licensed insured deposit taking institutions before entrusting their funds.
The corporation’s Managing Director, Bello Hassan, stated this during the 2025 stakeholders’ retreat between members of the House of Representatives committee on Insurance & Actuarial Matters with the staff of NDIC.
Speaking on the theme: “Navigating Financial Disruptions: Strengthening the NDIC’s Mandate for Economic Stability”, the MD recalled the crash of CBEX pyramid scheme, raising concerns over fraud stemming from Ponzi schemes.
“The growing incidence of Ponzi schemes and so-called “wonder banks” as witnessed by the recent crash of the CBEX pyramid scheme, which resulted in an estimated loss of ₦1.3 trillion has implications for public confidence in the financial system,” he said.
He stressed that the corporation has updated and published licensed insured deposit taking institutions on its website, describing it as an effort to prevent depositors from fraudulent schemes.
“Furthermore, the Corporation also ensures that the list of licensed insured deposit taking institutions is regularly updated and published on our website, enabling members of the public to easily verify the status of licensed deposit taking institutions covered by the NDIC.”
