BY BAMIDELE FAMOOFO
With the recent increase in investment channels arising from innovative products, there has been an upsurge in illegal fund managers who have been using different platforms soliciting public to invest their funds with them, promising excessive returns on such investments.
The Nigeria Deposit Insurance Corporation has therefore warned the public on the high risk associated with investing funds with illegal funds managers.
Bashir Nuhu, Director, Communication & Public Affairs Department, said: “Accordingly, as the deposit insurer, the NDIC 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.”
The NDIC said it only insures deposits of financial institutions licensed by the Central Bank of Nigeria to accept deposits from the public.
The deposit insurer urged the investing public to contact its website to verify the authenticity of the financial institutions they want to patronize. Members of the public are also advised to report any entity suspected to be involved in illegal deposit mobilization to the law enforcement agencies.
