Stop Patronizing Wonder Banks - NDIC Cautions

The Nigeria Deposit Insurance Corporation (NDIC) has cautioned Nigerians who despite warnings by regulatory authorities have continued to patronize ‘wonder’ banks and illegal fund managers, saying they do so at their own risk, as efforts are being put in place to check their activities.

Speaking at the NDIC Special Day at the ongoing Lagos International Trade Fair yesterday, the Managing Director and Chief Executive of the corporation, Alhaji Umaru Ibrahim, expressed worry over the number of Nigerians who still fall victims of the fraudsters.

Umaru who was represented by the NDIC Director, Claims Resolution department, Bello Shittu, noted that the regulatory authorities have set up an inter-agency committee under the Financial Services Regulatory Coordinating Committee (FRSCC) to stem the nefarious activities of these fraudsters across the nation.

He said: “it is worrisome to note that despite repeated advise, many unsuspecting members of the public are still falling victims to the mouthwatering interest being offered by these fund managers.’’

I must sound a note of warning that those who patronize these illegal fund managers are doing so at their own risk.”

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