NDIC Warns Nigerians Against Ponzi Schemes

No Result View All Result Home News Politics Business Sport Football Health Entertainment Education Opinion Editorial Columns Others LeVogue Magazine Conferences National Economy Contact Us Hausa Edition Home News Politics Business Sport Football Health Entertainment Education Opinion Editorial Columns Others LeVogue Magazine Conferences National Economy Contact Us No Result View All Result No Result View All Result NDIC Warns Nigerians Against Ponzi Schemes by Bukola Aro-Lambo 9 seconds ago in Business Share on WhatsAppShare on FacebookShare on XTelegram By BUKOLA ARO-LAMBO and FAVOUR OLOKUNGBOYE, Lagos

The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against ponzi schemes and unregulated investment platforms saying any funds placed with such schemes are not covered by deposit insurance as it urged that funds should only be placed with institutions licensed by the Central Bank of Nigeria (CBN).

Speaking at the NDIC Special Day of the 2026 Lagos International Trade Fair, organised by the Lagos Chamber of Commerce and Industry (LCCI), the Managing Director and Chief Executive of the corporation, Mr Thompson Oludare Sunday, said the rise of Ponzi schemes and fraudulent investment platforms was a major worry for regulators.

Sunday who was represented by NDIC Director of Assets Management Department, Mr Oluyinka Ogungbemi, stated that the NDIC does not cover funds invested in Ponzi schemes and other unregulated investment platforms,” adding that small businesses were especially at risk because their access to safe financial services is vital to job creation and economic growth.

Noting that the schemes are run by organisations that are neither registered with the CBN nor insured by the corporation, he said “before you keep your funds in any financial institution, ensure that the institution is licensed by the Central Bank. When you visit the institution, look for the logo of the NDIC.”

Meanwhile, he warned that the fast growth of digital banking and financial technology, while widening access to financial services, had exposed users to more cybercrime and fraud. As he warned Nigerianson guarding their BVNs, Personal Identification Numbers (PINs), passwords and One-Time Passwords (OTPs) against unauthorised access.

On his part, President and Chairman of Council of the LCCI, Engr. Leye Kupoluyi, noted that the NDIC stands as a vital safety net for millions of Nigerians as he said “when depositors know their fund is insured and protected. confidence is preserved, and capital stays at the economy to fund growth and build jobs.

“The way we do business changes rapidly. Digital banking and financial technology has opened tremendous doors for financial inclusion and fast trade. these digital levels also bring new vulnerability from cyber threat and data breaches, thus protecting the modern depositor requires constant return.

“We therefore applaud the NDIC in collaboration with Central Bank of Nigeria for their efforts to stay ahead of all this risk by keeping our digital financial ecosystem safe.”

On the health of the banks, Sunday said the recently concluded recapitalisation programme had left them stronger and better able to withstand economic shocks, and better positioned to support President Bola Ahmed Tinubu’s target of a US$1 trillion economy by 2030.

We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →