The Federal Government of Nigeria has initiated moves to shut down MMM operations in Nigeria.
Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said regulators have set up a Committee to stem the nefarious activities of the fraudsters across the country.
Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, said regulators have set up a Committee to stem the nefarious activities of the fraudsters across the country.
“I wish to sound a word of caution to members of the public on the
activities of illegal fund managers, otherwise known as Wonder Banks.
“It is worrisome to note that despite repeated advice, many
unsuspecting members of the public are still falling victims to the
mouth-watering interest being offered by these illegal fund managers.
“Members of the public are therefore advised to patronise only
banking institutions that display the NDIC sticker: “Insured by NDIC” in
their banking halls or entrances.
“However, the regulatory authorities have set up an inter-agency
committee under the Financial Services Regulatory Coordinating
Committee(FRSCC) to stem the nefarious activities of these fraudster
across the nation”.
Umaru spoke on Monday during the NDIC Special Day at the 2016 Lagos International Trade Fair.
Nigeria Bulletin
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