In a stern cautionary message delivered during the NDIC Special Day at the 2023 Lagos International Trade Fair, Bello Hassan, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has urged traders and business owners to steer clear of wonder banks and ponzi schemes.
Emphasizing the pivotal role of the Deposit Insurance Scheme in safeguarding the interests of small depositors, Hassan highlighted its functions in risk mitigation, deposit guarantees, bank supervision, distress resolution, and the liquidation of failed financial institutions.
Hassan elucidated that the NDIC works in tandem with the Central Bank of Nigeria to ensure effective bank supervision, adherence to prudential thresholds, and the enforcement of the Code of Corporate Governance for banks.
He stressed the importance of maintaining public confidence in the nation’s banking system by avoiding unauthorized financial entities.
Hassan urged the general public, particularly traders and businessmen, to deposit their funds in licensed banks and refrain from engaging with wonder banks and ponzi schemes, which often lead victims with devastating consequences.
The NDIC aims to promote safe and sound banking practices, contributing to an orderly payments system and fostering fair competition within the banking sector.
