NDIC educates MSMEs against investment in Ponzi schemes

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NDIC urges farmers to embrace insurance policies to enhance their produce

NDIC urges farmers to embrace insurance policies to enhance their produce

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday educated operators of Micro, Small and Medium Scale Enterprises (MSMES) at the ongoing 2021 Edo Trade Fair in Benin on the dangers of investing in Ponzi schemes.

Mr Bello Hassan, Managing Director/Chief Executive, NDIC, said that Ponzi schemes and illegal fund managers were not licensed by the Central Bank of Nigeria (CBN)  as deposit taking institutions and as such not covered by the NDIC deposit insurance.

“MSMEs should be careful when operators of Ponzi schemes promise to give them mouth watering investment opportunities.

“Don’t listen to them and don’t invest your money in their activities because they are not insured by NDIC and you can’t get your money back when they fold up,” he said.

Hassan, represented by Mr Udofot Ukpong, Senior Manager NDIC Benin Zonal office, said that the corporation was focused on the protection of depositors especially small and less sophisticated ones against…



Source: Vanguard Newspaper

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