Home BUSINESS BANKING & FINANCE You Are On Your Own, NDIC Warns Those Investing With Fund Managers

You Are On Your Own, NDIC Warns Those Investing With Fund Managers

The Nigeria Deposit Insurance Corporation (NDIC), has warned Nigerians who invest their money with Fund Managers that the law setting it up does not cover such investments under the Deposit Insurance Scheme.

A statement today, August 2, by the Director of Communication and Public Affairs, Bashir A. Nuhu, said that the Corporation only insures deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public

The statement said that with the recent increase in investment channels arising from innovative products, there has been an increase in illegal fund managers who have been using different platforms soliciting public to invest their funds with them, promising excessive returns on such investments.

The NDIC said that it has become necessary for it to continue sensitizing the public on the high risk associated with investing funds with illegal funds managers.

“As the deposit insurer, the NDIC would like to inform members of the public that contrary to claims by some of these funds managers, the Corporation does not insure investments with them.

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“The NDIC insures only deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public.

“To confirm whether a financial institution is covered by the deposit insurance scheme of the NDIC, please visit our website at www.ndic.gov.ng and click on Who We Cover for the complete list.

“You can also address any other enquiry to the Director, Communication & Public Affairs Department, Nigeria Deposit Insurance Corporation.

“Members of the public are also advised to report any entity suspected to be involved in illegal deposit mobilization to the law enforcement agencies.”

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