Beware of ‘Wonder Banks’, NDIC Warns Nigerians

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(Last Updated On: 2016-11-10)
Sherifah Oyedira
The Nigeria Deposit Insurance Corporation (NDIC), has warned members of the public to be wary of the activities of illegal funds managers, otherwise known as”Wonder Bank”.
The Managing Director / Chief Executive Officer, of NDIC, Alhaji Umaru Ibrahim, made the called during NDIC special day at the ongoing 30th Lagos International Trade Fair, tagged “Positioning the Nigerian Economy for Diversification and Sustainable Growth”.
According to him, it is  worrisome to note that despite repeated advice, many unsuspecting members of the public are still falling victims to the mouth watering interest being offered by these illegal funds managers.
He said, “Once again, I must sound a word of warning that those who patronize these illegal funds managers are doing so at their own risk. For the avoidance of doubt, these illegal funds managers or wonder banks are neither licensed by the Central Bank of Nigeria (CBN), nor under the NDIC deposit insurance coverage. Members of the public are therefore urged to patronize only banking institutions that display the NDIC sticker insured by NDIC in their banking halls orentrance.”
He mentioned that it is in furtherance of the aforementioned public awareness strategies that the NDIC recognises the importance of participating in the annual LITF which not only attracts indigenous and international manufacturers and investors but also provides a platform for corporation to interact one on one with depositors and its other stakeholders.
He therefore encouraged the public to visit the NDIC pavilion where its experienced staff were presently on ground to address their various enquiries and clarify issues on the benefits and limitations of deposit insurance scheme.
The president of LCCI, Chief Nike Akande, stated that the NDIC was established with a primary function of insuring all deposit liabilities of licensed banks and such other deposit taking financial institutions operating in Nigeria within the meaning of sections 16 and 20 of enabling Act so as to engender confidence in the Nigerian banking system.
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