The Nigeria Deposit Insurance Corporation, NDIC, has warned Nigerians against investing their money in unregulated institutions and illegal fund operators. Its Managing Director, Thompson Sunday, gave the warning in Abuja during the NDIC Special Day at the 21st Abuja International Trade Fair.
Sunday said many Nigerians still fall for investment schemes that promise unusually high returns. He warned that the collapse of Ponzi schemes has caused huge financial and emotional losses. He urged Nigerians to verify investment offers and avoid schemes that appear too good to be true.
The NDIC boss said licensed banks offer better protection for depositors. He noted that deposit insurance coverage was raised in 2024 to five million naira per depositor for Deposit Money Banks and Mobile Money Operators, and two million naira for Microfinance Banks and other covered institutions. He said the new limits provide full coverage for more than 98 per cent of bank depositors.
Sunday also said the NDIC has adopted digital systems to speed up payments to depositors when banks close. He said the Corporation now uses BVN, NIBSS infrastructure and its Single Customer View system to process verified claims within days. He also announced an upgraded NDIC website with a claims portal and an AI-powered virtual assistant.
