Ponzi: NDIC Warns Nigerians Against Fraudulent Financial Firms

The Nigeria Deposit Insurance Cooperation (NDIC) has warned Nigerians against patronising illegal and unregistered financial institutions.

The corporation has intensified an awareness campaign across the nation, Zonal Controller of NDIC, Ilorin Zone, Chima Onyechere, told the News Agency of Nigeria (NAN), warning people against scammers operating Ponzi schemes.

“There are a lot of Ponzi schemes across the country, especially in local places. They trick people into putting money in their fraudulent financial institutions and people are not aware that they are illegal,” Onyechere said.

“They trick people into putting money in their fraudulent financial institutions and people are not aware that they are illegal.

“That is why NDIC is passing a message to everyone on the need to look out for financial institutions that have the corporation’s certification to operate.

“Whenever Nigerians come across these financial institutions without NDIC certification, they should ask questions and find out if they are insured under NDIC before doing any business with them,’’ he said.

According to Onyechere, NDIC stickers are placed on financial institutions such as banks that are insured by the corporation and certified safe to do business.