NDIC Insists Investment with Illegal Fund Managers at Owners’ Risk – THISDAYLIVE


James Emejo

The Nigeria Deposit Insurance Corporation (NDIC) yesterday warned the public about the high risk associated with investing funds with illegal fund managers.

The caution came against the backdrop of the recent increase in investment channels arising from innovative products.

The corporation noted that there had been an increase in illegal fund managers who have been using different platforms to woo members of the public to invest their funds with them, and promising excessive returns on such investments.

However, the NDIC in a statement issued by its Director, Communication and Public Affairs Department, Mr. Bashir Nuhu, explained that as the deposit insurer, the corporation would like to inform members of the public that contrary to claims by some of these funds managers, the corporation does not insure investments with them.

He said the corporation insures only deposits of financial institutions licenced by the Central Bank of Nigeria…

Source: Thisday Newspaper