NDIC to Expose ‘Wonder Banks’ Managers
KANO — The Nigeria Deposit Insurance Corporation (NDIC) has announced its decision to publish names of people who were operating dubious and unlicensed financial institutions called ‘wonder banks’ that promise hefty monetary rewards for customers who make deposits in their banks with the intent to defraud them.
Managing Director of the NDIC, Alhaji Umar Ibrahim, who disclosed this during a two-day workshop being held with operators of microfinance banks within the Northwest and Northeast geopolitical zones in Kano Thursday, said exposing the identities of the fraudsters will help in curtailing the proliferation of fake banks in the country.
“We have arrested many executives of wonder banks and charged them to court. If the courts ordered for their liquidation, we will seize all that we can get from them to pay victims their money. We will release their names so that they cannot continue to cheat innocent Nigerians by floating more wonder banks”, he said.
Ibrahim also lamented the failure of microfinance banks to pay premiums and submit their financial reports regularly to the NDIC. He warned that microfinance banks that continue to engage in the practice would risk losing their insurance covering which he said could make them lose their customers.