NDIC warns public of illegal fund managers

The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday issued a warning signal to Nigerians who invest with illegal fund managers, saying it does not insure them.

The Corporation said in a statement that with the recent increase in investment channels arising from innovative products, there has been an increase in illegal fund managers who have been using different platforms soliciting the public to invest their funds with them, promising excessive returns on such investments.

In order to protect unsuspecting depositors, it has become necessary for the NDIC to continue sensitizing the public on the high risk associated with investing funds with illegal funds managers.

Accordingly, as the deposit insurer, the Corporation would like to inform members of the public that contrary to claims by some of these fund managers, the Corporation does not insure investments with them.

The NDIC insures only deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public.

“To confirm whether a financial institution is covered by the deposit insurance scheme of the NDIC, please visit our website at www.ndic.gov.ng and click on Who We Cover for the complete list. You can also address any other inquiry to the Director, Communication & Public Affairs Department, Nigeria Deposit Insurance Corporation,” the statement signed by Bashir A. Nuhu, director, communication and public affairs department said.

Members of the public are also advised to report any entity suspected to be involved in illegal deposit mobilization to the law enforcement agencies.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.