NDIC warns Nigerians against Ponzi schemes

… urges vigilance at Kano trade fair

The Nigeria Deposit Insurance Corporation (NDIC) has cautioned Nigerians to be wary of Ponzi schemes and fraudulent investment platforms, warning that such scams continue to endanger the hard-earned savings of unsuspecting citizens.

The Managing Director of the Corporation, Mr Thomson Oludare Sunday, issued the warning during the NDIC Special Day at the 46th Kano International Trade Fair. He was represented by Mr Kayode Shokunbi, Deputy Director in the Procurement Management Services Department.

Sunday said the advice was necessary to help depositors protect their finances in an era where deceptive online investment channels are increasingly targeting the public.

“Your vigilance is crucial to safeguarding your hard-earned savings. I urge you to remain vigilant and visit the NDIC Pavilion during this Trade Fair. Our team is ready to provide insights, answer questions, and share information on deposit insurance and our activities,” he said

He also emphasised the importance of ensuring that bank customers link their Bank Verification Number (BVN) with the correct name as it appears on their official identification documents.

According to him, accurate BVN details are vital for depositors to receive their insured funds seamlessly in the event of a bank failure.

“This ensures that, in the unlikely event of a bank failure, you will promptly receive your insured sum of ₦5,000,000 for commercial banks and mobile money operators, and ₦2,000,000 for microfinance, primary mortgage, and payment service banks into an alternate bank account with the same name as on your ID, without visiting any NDIC office,” he explained.

Sunday noted that both the NDIC and the Central Bank of Nigeria (CBN) have strengthened regulatory frameworks to promote compliance and stability across all deposit-taking institutions. He assured the public that despite the March 2026 deadline for bank recapitalisation, the Corporation is fully prepared to ensure a smooth and orderly process.

“For 37 years, the NDIC has played a vital role in safeguarding depositors’ funds, particularly for the most vulnerable, and reinforcing the stability of our financial system,” he added.

He described the trade fair, held under the theme ‘Empowering SMEs for Sustainable Development’, as an important platform where innovation, entrepreneurship, and financial literacy converge to support Nigeria’s economic development aspirations.

The NDIC’s participation, he said, aligns with its commitment to deepening public awareness of deposit insurance and strengthening trust in the nation’s financial system.

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