NDIC warns against fraudulent banking activities

The Nigeria Deposit Insurance Corporation (NDIC) has advised depositors in the country to be wary of fraudulent banking practice that is being perpetrated by some individuals in the country. It also warned youths to be wary of financial institutions in the country operating without licence.

Mr. Feturi Otedoh who is in charge of Examination Unit of the NDIC gave the warning during a sensitisation seminar at the NYSC Orientation camp in Wannune,Tarka local government area of Benue State. He frowned on the fraudulent activities of some financial institutions who operate without license just to dupe young people and other prospective customers.

He urged them to report any irregularities to NDIC but stated clearly, “note that we will not protect you unduly and unprotect the banks”.

Feturi also, advised the NYSC members to beware of banks who dangles high interest rates before them, maintaining that such banks are just out to cheat them. The Nigeria Deposit Insurance Corporation is charged with supervision of banks to ensure their financial stability.

[ThisDay]

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