Stop patronizing MMM –NDIC to Nigerians

The Nigeria Deposit Insurance Corporation, NDIC has warned Nigerians to stop patronizing fraudsters under the cover of wonder banks that have re-emerged and duped people of billions of naira.The Managing Director of NDIC, Umar Ibrahim gave the warning at the maiden edition of the NDIC Stakeholders Town Hall Meeting with the theme: ”˜’Bank Consumer Protection the Role of NDIC’’ held at the Avenue Event Centre in Kano state.Ibrahim decried the re-emergence of the wonder banks saying that ”˜’they are duping people of their hard earned money and promising returns that are not tenable in the financial services sector.’’He urged people to stop being greedy and tp patronize money deposit banks or micro-finance  banks that are officially licensed by the Central Bank of Nigeria, CBN, and insured by NDIC to carry out financial transactions for the people.”˜’How can someone ask you to deposit N1OO,OOO with them and get N5O, OOO per month or 3O percent return every month from such deposit for the rest of your life and you believe it is possible. These people have no assets or nothing to fall back on when they collect your money and run away. Most people who patronize them do it out of greed’’ explained IbrahimHe said the government is not relaxed over the development as a lot of them have been apprehended and are being prosecuted by Securities and Exchange Commission, SEC, through the Investment and Securities Tribunal.He said the series of arrests and prosecution have made many of them go under which by implication has reduced their operations.Banks return to the NortheastThe NDIC boss further urged all Banks that ceased operations in the northeastern Nigeria because of the Boko Haram attacks to henceforth resume operation in the urban and rural areas to enhance business.The states affected in the northeast includes, Borno,Yobe, Gombe, Bauchi, Adamawa, and Taraba.According to him, ”˜’the northeast region of the country which was ravaged by the insurgency more than ever before needed the services of the banking services sector to rebuild.’’He said activities in the region have returned to almost normal now, after military clamp down on the insurgents as such the banks should resume operations in earnest to serve the government, organizations and people of the area.”˜’Without adequate banking facility, without access to finance progress in that area will remain retarded. There is the need to provide financial services to our poor brothers and sisters in that area to start life afresh’’, stressed the Managing DirectorHe said the stakeholder’s forum was organized to further demonstrate the Corporation’s determination towards promoting consumer protection in furtherance of the quest for financial education to achieve financial inclusion.He stated that it was also aimed at the enlightenment of stakeholders, particularly bank customers on the benefits of saving the culture, cooperative societies, cottage industries and petty trading in order to raise the standard of living among Nigerians.He concluded that the forum which will be an annual event would be held in the six geopolitical zone of the nation and was equally geared towards enhancing public confidence in the banking sector which will ultimately promote financial systems stability.