Nigerians have been warned against patronizing ponzi schemes and other fraudulent investment platforms that would make them losing their hard-earned monies.
The advice was issued by the Nigeria Deposit Insurance Corporation, NDIC, Managing Director, Thomson Sunday, during the NDIC Special Day at the 46th Kano International Trade Fair on Wednesday.
The NDIC boss advised citizens to ensure that their funds are placed only in Central Bank of Nigeria-licensed banks which are covered by NDIC deposit insurance.
The MD who was represented by Kayode Shokunbi, Deputy Director, Procurement Management Services Department, said the advice was necessary to safeguard customers’ hard earned savings.
“Your vigilance is crucial to safeguarding your hard earned savings. I urged you to remain vigilant and visit the NDIC Pavilion during this Trade Fair. Our team is ready to provide insights, answer questions, and share information on deposit insurance and our activities,” he said.
He further stressed the need for bank customers to ensure that they link their Bank Verification Number with their correct name as stated in all official identity documents.
“I would like to emphasize the importance of linking your Bank Verification Number, BVN, with your correct name as stated in all official identity documents.
“This ensures that, in the unlikely event of a bank failure, you will promptly receive your insured sum of N5,000,000 for commercial banks and mobile money operators, and N2,000,000 for microfinance, primary mortgage, and payment service banks, in an alternate bank account with the same name as on your ID without visiting any NDIC ofice.
“Our efforts aim to reassure Nigerians that their money is safe and accessible when needed. With the rapid growth of financial technology, traditional banks still play a vital role in the banking system,” he said.
According to him, the NDIC and the Central Bank of Nigeria have strengthened regulatory frameworks to ensure compliance and stability among all deposit-taking institutions.
He said despite the March 2026 deadline for the recapitalization of banks, the NDIC will ensure a smooth process and stands fully ready for any necessary regulatory interventions to maintain confidence and stability in the financial system.
The managing director said the corporation remains committed to ensuring the stability and security of financial institutions in Nigeria, stressing that for the past 37 years, the Corporation has played a vital role in safeguarding depositors’ funds, particularly for the most vulnerable, and reinforcing the stability of our financial system.
He said the Trade Fair themed, “Empowering SMEs for Sustainable Development.” is a vital meeting point where ideas meet markets, where creativity meets opportunity, and where innovation fuels economic growth– such platforms remain instrumental in strengthening entrepreneurship, promoting financial literacy, and supporting Nigeria’s development objectives.