Funds Investment with Funds Managers is illegal and not covered — NDIC

By Linda Ike

The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to desist from investing funds with illegal funds Managers who are soliciting the public to invest their funds with them, promising excessive returns on such investment.

NDIC said the Corporation does not insure investment on such channels rather insures only deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public.

In a statement by the Director, Communication and Public Affairs Department, Mr. Bashir Nuhu stated that the investment with the Funds managers are not covered by the NDIC.

He said, it has become necessary for NDIC to continue sensitising the public on the high risk associated with investing funds with illegal funds managers, so as to protect unsuspecting depositors.

He further advised members of the public to report any entity suspected to be involved in illegal deposit mobilisation to the Enforcement Agencies.

To confirm a credible Financial Institution covered by the Deposit Insurance Scheme of the NDIC, visit the website at www.ndic.gov.ng