Saturday, 22nd January 2022
<To guardian.ng
Search
Breaking News:

NDIC warns depositors against falling prey to wonder banks

By Murtala Adewale, Kano
10 December 2021   |   2:41 am
The Nigeria Deposit Insurance Corporation (NDIC) yesterday cautioned bank depositors from falling victim to wonder banks, parading themselves as 'deposit taking' institutions in the country.

NDIC

The Nigeria Deposit Insurance Corporation (NDIC) yesterday cautioned bank depositors from falling victim to wonder banks, parading themselves as ‘deposit taking’ institutions in the country.

Besides, the corporation said over N118.9bn had so far been paid as liquidity and dividend to depositors of failed banks in the country.

NDIC Managing Director, Mr Bello Hassan, who issued the warning at the ongoing 42nd Kano International Trade Fair 2021, reminded that the entities are not licensed by the Central Bank of Nigeria (CBN) as “deposit-taking institutions” and are never covered by the NDIC deposit insurance.

The NDIC boss said bank customers must be vigilant of illegal fund managers and their antes on cyberspace, who are only seeking to dupe unsuspecting members of the public of their hard-earned money.

The MD, who was represented by the Kano Zonal Controller of the Corporation, Shehu Usman Aladire, said NDIC has contributed to the financial system stability of the country with the cumulative settlement of N11.76bn as insured sums to 535,815 deposits and N101.666bn to the uninsured sum of closed banks.

He said the corporation promote the great potentials of a vibrant and resilient MSME sector as the key component towards revitalising the nation’s economy.

Hassan explained that NDIC is exploring the huge market population in Kano afforded by the trade fair to showcase the activities of the corporation.

“It is upon this platform of securing a brighter future for Nigeria that the NDIC stands to showcase its contributions towards the stability of the nation’s financial system. Nigerian depositors are our priority and our foundation is built on ensuring the safety and security of their deposits,” he said.

Chairman, Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA), Alh. Dalhatu Abubakar said the 42nd edition has witnessed a large turn of participants despite the impact of the COVID-19 pandemic, which is presently hampering the economy.