NDIC warns against wonder banks

Chief Executive Officer, Alhaji Umaru Ibrahim

Nigeria Deposit Insurance Corporation (NDIC), yesterday, cautioned members of the public on the activities of illegal funds managers, otherwise known as ”Wonder Bank.” Disclosing this at the NDIC special day at the ongoing 30th Lagos International Trade Fair, tagged “Positioning the Nigerian Economy for Diversification and Sustainable Growth”, the Chief Executive Officer, Alhaji Umaru Ibrahim, said it is worrisome to note that despite repeated advice, many members of the public are still falling victims to the mouth watering interest being offered by the illegal funds managers.

The president of LCCI, Chief Nike Akande, said the NDIC was established with a primary function of insuring all deposit liabilities of licensed banks and such other deposit taking financial institutions operating in Nigeria within the meaning of sections 16 and 20 of enabling Act so as to engender confidence in the Nigerian banking system.

Walton Group tasks FG on quality products Meantime, the Walton Group has called on the Federal Government to ensure that only products that meet International certification area allowed entry into the country through its Standards Body. Mr. Nwune Nweke, Managing Partner of the company in Nigeria, made the call at the ongoing 30th edition of Lagos International Trade Fair, at the Tafawa Balewa Square, Onikan, Lagos. He stated that most products in the country do not meet standards and should be eroded off the market. Walton is a conglomerate based in Dhaka, Bangladesh. It comprises numerous subsidiaries and affiliated businesses, most of them united under the Walton brand. The subsidiaries include Walton Motors, Walton Mobile and Walton Electronics. Walton produces electronics, motor vehicles, and telecommunications products.


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Source : vanguardngr.com