The Nigeria Deposit Insurance Corporation, NDIC, has advised Nigerians to beware of Ponzi schemes operating under the guise of financial institutions.
Chima Onyechere, the Zonal Controller of NDIC, Ilorin Zone, who advised on Wednesday in an interview with the News Agency of Nigeria, said such financial institutions were fraudulent.
Ms. Onyechere said the corporation had intensified awareness campaigns across the nation warning people against scammers operating Ponzi schemes.
“There are a lot of Ponzi schemers across the country, especially in local places. People in these places may not be aware of their scheme because they entice people with high-interest rates.
“They trick people into putting money in their fraudulent financial institutions and people are not aware that they are illegal.
“That is why NDIC is passing a message to everyone on the need to look out for financial institutions that have the certification to operate.