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NDIC moves against cyber-crime, Ponzi scheme

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NIGERIA Deposit Insurance Corporation (NDIC) has assured Nigerians of it preparedness to stamp out the twin monsters of Cyber Crimes and Ponzi schemes from the nation’s financial sector.

Giving the assurance during the corporation’s day during the just concluded 30th Enugu International Trade Fair, Managing Director of the Corporation, Umaru Ibrahim described the increased sophistication of cyber crimes and the proliferation of Ponzi schemes as the greatest challenges facing his organisation.

Alhaji Ibrahim however promised that NDIC has all it takes to win the war against cyber crimes and other related financial crimes.

While commending the Enugu Chambers of Commerce, Industry, Mines and Agriculture for organising the fair that afforded his corporation the opportunity to reach out to  Nigerians. He used the opportunity to enumerate some of the functions and achievements of NDIC.” This Corporation has firm commitment towards the sustenance of a sound, safe and stable financial system which is the essential pillar for sustainable economy growth in line with the cardinal goals and objectives of the current administration

“As you may be aware of, the NDIC is celebrating its 30th anniversary this year. It was established in 1989 as a critical member of the Nigerian financial safety-net with the broad public policy objectives of protecting bank depositors and promoting public confidence in the entire financial system. Both objectives are consistent with the NDIC”s core mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation.

Speaking further on the roles of the corporation in the nation’s financial sector, Alhaji Ibrahim said, “the corporation protects depositors by guaranteeing their deposits in the unlikely event of bank failure. It also conducts risk based supervision of the banks in collaboration with the Central Bank of Nigeria and ensures the timely resolution of distressed banks, including their orderly liquidation as a last resort”

He expressed happiness that the NDIC has been able to carry out these mandates satisfactorily over the years.

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