NDIC insures only deposits of financial institutions licensed by the Central Bank of Nigeria (CBN)


The Guardian Newspaper reported the statement of NDIC, which states that the firm only issues deposits of licensed financial institutions by the central bank of Nigeria. If not solely approved by this firm, the NDIC reports it won’t support such a financial institution.

NDIC (Nigeria Deposit Insurance Corporation) mandated that it does not support investments with fund managers no matter the amount of guarantee provided by many operators. Bashir Nuhu, the Director of Communication and Public Affairs Department, signed a press release stating that the NDIC requesting clarification becomes necessary to pull down the imminent risk involved in investing with funds managers that are illegal.

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NDIC disannuls a claim by people

Investment has become a loot business for some investment managers by promising juicy returns on funds monthly, and in the end, they are flawed in fulfilling the promise. To avoid covering their eye in shame, the majority flee with the funds from investors and finally leave the investors in a pool of regrets saying, “had I known”.

A report circulating shows how fraudulent practices are mended out to the public by just coming out as a funds manager. Generally, people love juicy offers that are legal. With this, the public can easily be dissuaded from an illegal juicy offer.

Covering what is happening presently, the Nigerian economy pushed the members of the public outside the bar in search of food. Credit to Nigerian security agents as they melted out punitive measures to those people who grabbed and committed an offence.

The rate at which the economy pushed people stacks them in generating new ideas for fraudulent practices. Nigerians are credited for their lifelong endurance in any situation, following what happened to Ghana years ago when their economy was down. Ghanaians are seen to relocate to Nigeria in search of greener pastures.
Presently, Ghana is blessed with an ever-blooming economy, placed side by side with Nigerians.

Nigerians can never relocate to other countries in search of greener pastures. Instead of relocating, they tend to look for a means of survival amidst the hard situation. This hard-hearted mind led many to fraudulent practices putting the economy at stake.

Many fraudulent cases have been reported to the police station, and many of them have been caught. Instead of getting deterred from it, more people tend to sail further into the deep.
The NDIC tolls further that it had the right to protect investors of licensed banks and not the ones who dash out deceits calling themselves funds managers. The company lashed out that they dare not support that.

The NDIC will love to put forward that it does not insure investments with the funds’ managers that are not licensed. This information should resolve the public claims that the firm is in support of an unlicensed funds manager.

The NDIC advised the masses to file a report of any suspected illegal funds managed to the law enforcement agency so that proper dissemination of the law will be carried out. The company rejects the claims against them and sounds solid that they do not endorse or support those whose investment scheme is not licenced by the Central bank of Nigeria (CBN).

The CBN is an organised body with the responsibility of money safekeeping. This is a legal bank owned and endorsed by the government, with them your funds are safe. Almost everybody in Nigeria is using a bank to keep their money and this has reduced the case of money theft. The introduction of ATMs made it possible for people to withdraw cash easily. Mobility of withdrawal was made possible with the introduction of POS machines, funds can be withdrawn anywhere easily.

Wrapping up

Nigeria Deposit Insurance Corporation (NDIC) gave a mandate that it does not support investments with funds managers no matter the amount of guarantee provided by many operators because it has been a means to fraud people by not meeting up with the required promise made on each investment return. It is now mandated that every investment firm must be licensed by the Central Bank of Nigeria before they get support from NDIC. This way people will be secure to invest once it is supported by NDIC.

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