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Monday, 08 August 2022 11:43

NDIC warns Nigerians against investing with illegal fund managers

The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against investing in illegal fund management platforms across the internet.

The financial institution said it has become expedient to warn the public about the proliferation of illegal platforms promising excessive returns on investments.

A statement signed by NDIC’s Director, Communication and Public Affairs, Bashir A. Nuhu, said it has become necessary to warn and protect unsuspecting depositors following the increase in illegal fund managers who use different platforms to solicit public investment.

The NDIC also debunked claims by some illegal fund managers that depositors’ investments are insured by NDIC, warning that the federal financial agency only has an obligation to agencies licensed by the CBN.

The statement warned, “The NDIC insures only deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public.

To confirm whether a financial institution is covered by the deposit insurance scheme of the NDIC, please visit our website to see who we cover.

Members of the public are also advised to report any entity suspected to be involved in illegal deposit mobilization to the law enforcement agencies.

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