Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

NDIC warns Nigerians against ‘wonder banks’

Chidinma Nwagbara by Chidinma Nwagbara
March 21, 2020
in Business News, Company News, Politics
NDIC warns Nigerians against ‘wonder banks’
Share on FacebookShare on TwitterShare on Linkedin

The Nigeria Deposit Insurance Company (NDIC) has warned Nigerians to stop patronising unlicensed financial institutions.

Alhaji Umaru Ibrahim, the Managing Director/Chief Executive Officer of NDIC, warned the Nigerian populace not to be victims of such banks, as he disclosed the completion of payments to all depositors of the 18 failed banks.

Mobile money war: Telecoms threaten banks' future in Nigeria

RelatedPosts

Bank managers cause of bank failures in Nigeria – NDIC

NDIC denies sale of Polaris Bank to Babangida’s son-in-law, insists all Nigerian banks are safe

Ibrahim cautioned members of the public to stop patronizing “wonder banks” which offer mouthwatering interest rates to dupe unsuspecting members of the public of their hard-earned incomes in the name of investments.

 He counseled, “For the avoidance of doubt, these wonder banks are neither licensed by the Central Bank of Nigeria (CBN) nor are they under the NDIC deposit insurance scheme.

News continues after this ad


 “I advise members of the public to patronize insured banking institutions that display the NDIC stickers: ‘Insured by NDIC’ in their banking halls or entrances.”

(READ MORE: NDIC defends resolution procedures for failing banks, says it is holistic)

While delivering an address during the NDIC Day held at the ongoing 31st Enugu International Trade Fair, the NDIC boss said the monies paid include insured and uninsured trapped monies.

News continues after this ad


Ibrahim called on the general public, particularly traders and businessmen, to always save money in licensed banks, where the savings are protected by the NDIC.

“Desist from keeping their hard-earned monies in homes or shops to avoid the dangers of fire, theft, armed robbery, flood or other forms of losses,” he was quoted as saying.

Represented by the Enugu Zonal Controller, Vera Ikwue, the NDIC boss maintained that the agency would not rest on its oars in protecting depositors through prompt operational responses to novel developments in the banking system as they evolve.

 Meanwhile, since its incorporation in 1988, the NDIC has carried out liquidation activities on 425 financial institutions in the country.

READ MORE: CBN releases new capital base, sanctions for Microfinance Banks in new draft guidelines

A breakdown of the 425 liquidated banks during the period showed that 51 of them were Deposit Money Banks (DMBs), 325 Microfinance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs).

Related

Tags: Alhaji Umaru IbrahimCBNEnugu International Trade FairMFBsNDICNigerian Business NewsNigerian Deposit Insurance CorporationPMBsVera Ikwue

Comments 2

  1. Shuaibu Abubakar says:
    March 21, 2020 at 7:41 pm

    My understanding of the NDIC , is protecting the depositors from unregistered banks activities and creating awareness to the public

    Reply
    • Anthony says:
      September 1, 2020 at 8:29 pm

      Good day sir my name is Anthony I need you’re contact in regard of fortis microfinance bank Nigeria

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Sujimoto launches her new luxury condominium with Oikos premium doors
    • Lagos announces partial closure of Third Mainland Bridge
    • Five jobs in Nigeria’s fashion industry that are not design-related

    Follow us on social media:

    Recent News

    Sujimoto launches her new luxury condominium with Oikos premium doors

    Sujimoto launches her new luxury condominium with Oikos premium doors

    August 13, 2022
    Third Mainland Bridge is intact and safe for commuters - FG

    Lagos announces partial closure of Third Mainland Bridge

    August 13, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com