State-owned Nigeria Deposit Insurance Corporation (NDIC) has advised citizens to beware of Ponzi schemes operating under the guise of financial institutions, according to a local media report.

The corporation has intensified an awareness campaign across the nation, Zonal Controller of NDIC, Ilorin Zone, Chima Onyechere, told the state-owned News Agency of Nigeria (NAN), warning people against scammers operating Ponzi schemes.

“There are a lot of Ponzi schemes across the country, especially in local places. They trick people into putting money in their fraudulent financial institutions and people are not aware that they are illegal,” Onyechere said.

The official noted that the corporation is cautioning people to look out for financial institutions with NDIC certification.

NDIC stickers are placed on financial institutions such as banks, which are insured and certified safe to do business, the news report said. 

(Editing by Seban Scaria )