NDIC warns Nigerians against illegal funds managers

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By; Juliana Katung, Kaduna.
The Managing Director of Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim has advised Nigerians to stop patronizing illegal funds managers popularly known as ‘Wonder Banks.
Alhaji Ibrahim who is also the chief executive of the NDIC gave the advice during the Corporation special day at the just concluded 37th Kaduna International Trade Fair stressing that these wonder banks usually offer mouthwatering interests rates in order to dupe unsuspecting members of the public of their hard earned incomes in the name of investments.
“These wonder banks or illegal funds managers are neither licensed by either the Central Bank of Nigeria (CBN) nor security and Exchange Commission (SEC), nor are they under the NDIC deposit insurance scheme,” he noted.
The Director also expressed concern over the recent way cooperative Societies are being use by some unscrupulous people to engage in illegal collection of deposits thereby defrauding unsuspecting members of the public.
Alhaji Ibrahim, while calling on the Federal Government to
impose stringent puniment against such cooperative societies, urged Nigerians to patronize only banks that display NDIC stickers in their banking halls or entrance.

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