Save Your money In Regulated Financial Institutions NDIC Boss Tells Nigerians

By Godson Ikoro

The Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation(NDIC), Mr Thompson Oludare Sunday
has appealed to Nigerians to keep their money in licensed and regulated financial institutions.

He made this appeal, wednesday in Abuja, while delivering his keynote address on the Corporation’s special day at the 21st Abuja International Trade Fair organised by Abuja Chamber of Commerce Industry Mines and Agriculture (ABUCCIMA).

According to him,
“There are still Nigerians who keep substantial funds outside the formal banking system or entrust their savings to unlicensed fund managers, attracted by promises of extraordinary and unrealistic returns”.

He warned that the consequences of this can be devastating, urging them to desist from doing so.

The NDIC boss argued that proliferation and collapse of Ponzi schemes have demonstrated, time and again, the enormous financial and emotional cost of placing hard-earned resources in unregulated schemes.

” If an investment promise sounds too good to be true, Nigerians should pause, ask questions and verify before committing their money.”

Commenting on the theme of this year’s Fair, “Resilience: Trade, Taxation and the Economy,” Sunday said it was timely and strategic.

It speaks directly to the realities of an economy undergoing profound transformation through bold reforms aimed at building a stronger, more resilient and productive economic structure, in line with the Federal Government’s vision of a $1 trillion economy by 2030.

He said the NDIC has positioned itself to serve as not merely a payer of claims after bank failure, but as a Risk Minimizer. “One that identifies vulnerabilities early, strengthens safeguards and works to prevent institutional problems from escalating into systemic crises.