In its bid to protect depositors and continue sensitizing the public on the high risk associated with patronizing illegal funds managers, the Nigeria Deposit Insurance Corporation (NDIC), on Tuesday warned that fund management activities are not covered under its Deposit Insurance Scheme.

This statement, the corporation said, has become necessary following the recent growth in investment channels from innovative products, and increase in illegal fund managers who use different platforms to lure the public to patronize them, while promising excessive returns.

The statement by Bashir Nuhu, director, communication & public affairs department, said “the NDIC insures only deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public.”

The corporation urged members of the public to confirm whether a financial institution is covered by the deposit insurance scheme of the NDIC, by visiting its website: www.ndic.gov.ng, and click on Who We Cover for the complete list.

Members of the public were also enjoined to report any entity suspected to be involved in illegal deposit mobilization to the law enforcement agencies.