Mirian Gom 
ABUJA, Nigeria – The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians to avoid fraudulent investment schemes and Ponzi operations, stressing that only deposits in licensed banks are insured.
The NDIC Managing Director, Mr. Thompson Sunday, gave the warning on Thursday in Abuja during the corporation’s special day at the 20th Abuja International Trade Fair. He was represented by Mrs. Bimpe Akande, Director of the Performance Management Department.
“Always ensure your funds are placed only in CBN-licensed banks covered by NDIC insurance. This vigilance is crucial to protecting your hard-earned savings,” Sunday said.
He explained that NDIC coverage protects depositors in commercial banks up to N5 million, and in microfinance and mortgage banks up to N2 million.
He cited the June 2024 revocation of Heritage Bank’s licence, noting that insured depositors were promptly reimbursed while larger depositors were being paid through liquidation recoveries.
“For over three decades, NDIC has safeguarded depositors, supervised banks and provided stability in the financial system,” he added.
The Abuja Chamber of Commerce praised NDIC’s efforts, while the Securities and Exchange Commission said it is deploying real-time surveillance to combat fraud.
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