August 20, 2022

Regardless of guarantees from a number of of the operators, the Nigeria Deposit Insurance coverage Company (NDIC) issued a warning Wednesday that it doesn’t defend investments with fund managers.

The Company mentioned in a information launch issued below the identify Bashir Nuhu, Director, Communication and Public Affairs Division, that the clarification was required to boost consciousness of the numerous dangers related to coping with illegal fund managers.

In recent times, the enterprise of investing with fund managers has exploded, with many boasting tempting month-to-month returns on such merchandise. A handful of those that made guarantees do comply with by, however the bulk run off with the cash from buyers, leaving a path of ache and remorse.

The NDIC asserted that it had an obligation to defend depositors of banks with licenses relatively than those that succumb to the deception of unauthorized fund managers.

The NDIC would need to let the general public know that, regardless of what a few of these fund managers might have claimed, the Company doesn’t insure investments with them.

In line with the assertion, “The NDIC solely ensures deposits of economic establishments licensed by the Central Financial institution of Nigeria (CBN) to take deposits from the general public.”

Moreover, it advisable the overall inhabitants to alert regulation enforcement authorities about any agency suspected of taking part in illegal deposit mobilization.

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