NDIC warns Nigerians on wonder Banks

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As promoters of wonder banks and other ponzi schemes in the country continue to lure members of the public to mouthwatering offers, the Nigeria Deposit Insurance Corporation (NDIC) has warned members of the public not to patronise such investment schemes.

The MMM investment scheme is one of the Ponzi schemes in the country. Also, in line with the National Financial Inclusion Strategy (NFIS) which is aimed at reducing the percentage of adult Nigerians lacking access to formal banking services from 46.3 percent in 2010 to 20 percent in 2020; the NDIC has expressed its desire to play a crucial role in ensuring that small savers are protected.

Speaking at the special day event of NDIC at the ongoing Lagos International Trade Fair with the theme: ‘Positioning the Nigeria Economy for Diversification and Sustainable Growth,’ the Managing Director of the NDIC, Alhaji Umaru Ibrahim said: “I wish to sound a word of advice caution to members of the public on the activities of illegal funds managers, otherwise known as ‘wonder banks.

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