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CBN, NDIC warns Nigerians against Ponzi Schemes

The Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) have warned all Nigerians to stay away from ponzi schemes as they are out to dupe and ruin Nigerians.

This was made kmow on thursday in Enugu as the agencies insisted that the schemes were neither authorised by the Central Bank of Nigeria (CBN) nor insured by the NDIC.

The Managing Director of the NDIC, Alhaji Umaru Ibrahim expressed dismay that ponzi schmes have been seen as investment opportunities and platforms for easy money by unsuspecting members of the general public. Ibrahim said.

“The schemes have not only appeared in form of virtual and digital currencies in the nation’s financial landscape, they have also attracted the media and regulatory attention.”

He also raised alarm at the activities of some cooperative societies which had gone beyond their primary mandate of accepting contributions from their registered members, noting that the cooperative societies were nit established to mobilise funds from none members. He therefore urged non-members to desist from patronising them as they are neither licensed as deposit taking financial institutions nor insured by the NDIC.


Earlier, the president of Enugu Chamber of Commerce, Industry, Mines and Agriculture, Ugo Chime, said the role of NDIC in the protection of depositors’ funds with banks and other financial institutions had remained noteworthy.

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