March 4, 2016
By Maryam Ahmadu-Suka,
The Nigeria Deposit Insurance Corporation (NDIC) has advised members of the public to stop patronising cooperative societies used by unscrupulous elements to engage in-illegal collection of deposits and defrauding of unsuspecting members of the public.
The Managing Director of NDIC, Alhaji Umaru Ibrahim, who gave this advise, yesterday, at the ongoing International Trade Fair in Kaduna, called on the federal and states governments to impose stringent punishments against such unscrupulous cooperatives societies.
He warned members of the public on wonder banks which, he said, offer mouth watering interests rates to dupe unsuspecting depositors. He said that the wonder banks were not licenced by the Central Bank of Nigeria (CBN), Security and Exchange Commission and or the NDIC deposit insurance scheme.
Umaru revealed that NDIC has extended its insurance cover to non-interest banking institutions up to 500,000. 00 per depositor.
Culled—-Daily Trust
