NDIC advises Nigerians against Ponzi scheme

  • says 443,946 depositors of liquidated banks receive N8,268bn

    The Nigeria Deposit Insurance Corporation (NDIC), advised members of the public to be wary of fraudsters camouflaging as investment outfits in the mould of Ponzi schemes and wonder banks.

Th Corporation stressed: in 2022 fiscal year, Nigerians should steer clear of anything wonder bank or ponzi schemes, even as it has confirmed the payment of the sum of N8.268 billion to 443,946 depositors.

The NDIC also disclosed that it extended payment of N100.080 billion to uninsured depositors of deposit money banks in-liquidation as at September 30, 2021.

On the Ponzi scheme, it advised further: “As the new year begins, avoid anything to do with this word, whether in your personal or professional life. Beware of offers of big payouts from unverified financial institutions. They are most likely wonder banks or Ponzi schemes.

The corporation advised the banking public to stay vigilant against Ponzi schemes, which are fraudulent investment scams that promise high rates of return with little or no risk to investors.

“There has been a proliferation of wonder banks and Ponzi schemes in Nigeria’s financial space. Nigeria’s financial regulatory agencies, the Central Bank of Nigeria, NDIC and Securities and Exchange Commission (SEC), have been waging unrelenting wars against such unregulated schemes, which promise unsuspecting investors bogus return on investment.”