News - News Agency Of Nigeria

Avoid ponzi, place your funds only in CBN licensed banks– NDIC advises citizens (Page 781)

By Ginika Okoye

The Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to be vigilant against Ponzi schemes and other fraudulent investment platforms.

The Managing Director of NDIC, Mr Thompson Sunday, said this at the corporation’s special day at the 20th Edition of the Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI).

Sunday, represented by Mrs Bimpe Akande, the Director, Performance Management Department of NDIC, urged citizens to always ensure their funds were placed only in Central Bank of Nigeria (CBN) licenced banks.

He said that only funds in CBN licenced banks were covered by deposit insurance provided by the corporation.

“This vigilance is crucial to protecting your hard-earned savings.

“For over three decades, the NDIC has played a vital role in safeguarding depositors funds, particularly the most vulnerable, and fortifying the financial system.

“Our primary objectives include insuring deposits in licenced banks, supervising financial institutions, managing distressed banks, and ensuring a smooth resolution process in the event of bank failures.

“We are dedicated to protecting Nigerian bank, in collaboration with the CBN, we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions.

“Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and ability by reassuring Nigerians of the security of their savings,” he said.

Sunday said that significant progress had been made in protecting depositors’ funds through the increase in the maximum deposit insurance coverage, which had broadened protection across various licenced banks.

He said the corporation insured depositors of Deposit Money Banks (DMBs), Mobile Money Operators and Non-Interest Banks, up to a coverage limit of five million naira.

The managing director said that depositors of Payment Service Banks (PSBs), Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) were insured up to two million naira.

He said the enhanced coverage ensured that approximately 98.98 per cent of total depositors in DMBs, 99.27 per cent in MFBs, 99.34 per cent in PMBs, and 99.99 per cent in PSBs were protected.

Sunday said the development reflected the corporation’s unwavering commitment to fulfilling its mandate.

The President, ACCI, Chief Emeka Obegolu said the theme of the fair: ‘Sustainability: Consumption, Incentives and Taxation’, aligned with the mandate of the NDIC.

Obegolu, represented by Chief Agabaidu Jideani, the Director-General, ACCI, said the

NDIC provided the stability required for businesses, including Small and Medium Enterprises (SMEs) represented by the ACCI, to access financial services, thrive in operations, and expand into export markets.

The president said the role of NDIC was critical in today’s global economy, where financial resilience was directly linked to sustainable growth.

“We commend NDIC’s initiatives in advancing financial inclusion, especially through its digital innovations and strong consumer protection framework.

“By extending deposit insurance coverage beyond deposit money banks to include microfinance, mortgage, non-interest, payment service banks, and mobile money operators, NDIC has shown responsiveness to the evolving dynamics of Nigeria’s financial landscape.

“These interventions not only protect depositors but also create a more enabling environment for SMEs and entrepreneurs to participate confidently in the economy,” he said. (NAN)(www.nannews.ng)

Edited by Ese E. Ekama-Williams

Avoid ponzi, place your funds only in CBN licensed banks– NDIC advises citizens

By: Magdalene Ukuedojor

On: October 3, 2025

In: Economy/Business

With: 0 Comments

By Ginika Okoye The Nigeria Deposit Insurance Corporation (NDIC) has advised Nigerians to be vigilant against Ponzi schemes and other fraudulent investment platforms. The Managing Director of NDIC, Mr Thompson Sunday, said this at the corporation’s special day at the 20th Edition of the Abuja International Trade Fair organised byContinue Reading

NPA urges stakeholders on partnership to strengthen domestic economy

By: Magdalene Ukuedojor

On: October 3, 2025

In: Economy/Business

With: 0 Comments

By Vivian Emoni The Nigerian Ports Authority (NPA) has called on relevant stakeholders to strengthen domestic economy across the country. Dr Abubakar Dantsoho, Managing Director of NPA, made the call at the NPA Special Day at 20th Abuja International Trade Fair (AITF) in Abuja. The News Agency of Nigeria (NAN)Continue Reading

Championship: E1 Lagos Grand Prix pilots excited, eager

By: Magdalene Ukuedojor

On: October 3, 2025

In: Sports

With: 0 Comments

By Chiazo Ogbolu The E1 Lagos Grand Prix has generated immense excitement among participating pilots, who are excited and are eagerly awaiting the championship’s kickoff. The pilots, who spoke in interviews with the News Agency of Nigeria (NAN) in Lagos, said that they were eager to showcase their skills onContinue Reading

ECOWAS Court President seeks member states’ cooperation to enforce judgments

By: Tosin Kolade

On: October 3, 2025

In: Foreign

With: 0 Comments

By Mark Longyen ECOWAS Court President Justice Ricardo Gonçalves has appealed to the governments of ECOWAS member states to fully recognise the court’s authority and cooperate with it in enforcing the court’s judgments. He made the appeal while declaring open ECOWAS Court‘s 2025/2026 Legal Year celebration, with the theme: “ECOWASContinue Reading

Nigeria solicits ECOWAS Court reforms to address challenges

By: Tosin Kolade

On: October 3, 2025

In: Foreign

With: 0 Comments

By Mark Longyen Nigeria on Thursday in Abuja called for reforms in the ECOWAS Court of Justice to enhance community citizens’ access to justice, and address other contemporary challenges. The Attorney-General of the Federation , Lateef Fagbemi, SAN, stated this during the ECOWAS Court’s 2025/2026 Legal Year celebration, with themeContinue Reading

Wike inaugurates solar light project to illuminate Abuja

By: Philip Daniel Yatai

On: October 3, 2025

In: Metro

With: 0 Comments

By Angela Atabo The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has inaugurated a solar lighting project designed to illuminate Abuja, curb insecurity, and reduce the financial burden of streetlight maintenance. Wike said the installation of Integrated (Hybrid) Solar Lighting in the Districts of Abuja city andContinue Reading

Photojournalists Launch Pan-African Network

By: Ismail Abdulaziz

On: October 2, 2025

In: Foreign

With: 0 Comments

By Anthony Alabi A new Network of Photojournalists of African Press Agencies (NPJ-FAAPA) was inaugurated on Thursday in Rabat, Morocco. This is on the sidelines of the ongoing seminar on mastering photojournalism techniques, organised by the Federation of African Press Agencies (FAAPA). The News Agency of Nigeria (NAN) reports thatContinue Reading

Foundation launches gender equity plan, targets $8bn capital in 2035

By: Folashade Adeniran

On: October 2, 2025

In: General News

With: 0 Comments

By Taiye Olayemi The Impact Investors Foundation (IIF) has unveiled a Gender Equity and Social Inclusion (GESI) roadmap, a 10-year blueprint, aimed at mobilising $8 billion in inclusive capital by 2035. The roadmap was unveiledContinue Reading

Abuja neighbourhood association protests conversion of green areas, seeks Tinubu’s intervention

By: Ismail Abdulaziz

On: October 2, 2025

In: General News

With: 0 Comments

By Angela Atabo The Wuse Zone 6 Neighbourhood Residents Association in Abuja has called on President Bola Tinubu and other stakeholders to help halt the ongoing conversion of green areas. Protesting residents told newsmen on Thursday during a march to the Department of Development Control that the development has becomeContinue Reading

Nigeria’s digital future gets boost as tech investor reaffirms commitment

By: Folashade Adeniran

On: October 2, 2025

In: General News

With: 0 Comments

By Stellamaris Ashinze A serial tech founder and investor, Sudeep Ramnani, has reaffirmed his steadfast support for Nigeria’s thriving digital economy. Ramnani said that infrastructure development was crucial to fostering entrepreneurial growth. He made this known to newsmen in Lagos at the conclusion of the 80th session of theContinue Reading

Follows Us

Avoid ponzi, place your funds only in CBN licensed banks– NDIC advises citizens (Page 781)