Don’t patronise banks not insured by NDIC – CBN

The Central Bank of Nigeria (CBN) warns Nigerians to be careful of any deposit money institution not insured by the Nigeria Deposit Insurance Corporation (NDIC).

The bank gave the warning through its acting director of corporate communications, Mr Isaac Okoroafor, yesterday, following proliferation of wonder banks in the country in recently.

The warning by the CBN came on the heels of a similar warning given by the Securities and Exchange Commission (SEC), against the activities an online investment scheme tagged: “MMM Federal Republic of Nigeria.”

The  SEC said that the promoters of the scheme carried out their business activities via Nigeria.mmm.net  portal/platform, promising investors monthly investment return of 30 per cent. The SEC said that the venture had no tangible business model, describing it as ‘a Ponzi scheme’, where returns would be paid from other peoples’ invested funds.

Source: Daily Trust

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