NDIC urges Nigerians to keep money in licensed financial institutions
The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to keep their money in licensed and regulated financial institutions, warning against unlicensed fund managers and investment schemes offering unrealistic returns.
The chief executive of the NDIC, Mr Thompson Oludare Sunday, gave the advice in his keynote address at the corporation’s special day during the 21st Abuja International Trade Fair, organised by the Abuja Chamber of Commerce, Industry, Mines and Agriculture.
He said some Nigerians still keep substantial funds outside the formal banking system or entrust their savings to unlicensed fund managers because of promises of extraordinary returns.
He warned that such practices could expose depositors and investors to significant financial losses, particularly following the proliferation and collapse of Ponzi schemes.
According to him, the financial and emotional consequences of placing hard-earned resources in unregulated schemes could be devastating.
He urged Nigerians to exercise caution when considering investment opportunities, particularly those promising returns that appear too good to be true.
“I wish to seize this opportunity to make a simple but important appeal to Nigerians. Please, keep your money in licensed and regulated financial institutions,” he said.
The NDIC boss also advised Nigerians to pause, ask questions and verify investment opportunities before committing their money, stressing the importance of dealing with regulated institutions.
“If an investment promise sounds too good to be true, Nigerians should pause, ask questions and verify before committing their money,” he said.
