NDIC Warns Nigerians Against Investing Money Online

NDIC Warns Nigerians Against Investing Money Online The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against  investing their money in online and block-chain currencies schemes. Its Managing Director, Alhaji Umaru Ibrahim, gave the warning at a special day of the corporation at the ongoing 2007 Enugu International Trade Fair on Thursday. Umaru, who was…

NDIC: 3m Nigerians Lose N18bn To MMM

      NDIC   Protocols officials, captains of industry, members of the academia, civil societies, gentlemen of the press and all other stakeholders who found time to join us at this special occasion.   I would like to congratulate the President and the entire Council Members of the Kaduna Chamber of Commerce, Industry, Mines…

Despite losing N18bn to MMM, Nigerians still patronise ponzi schemes –NDIC

Though Nigerians have so far lost about N18bn by subscribing to the Ponzi scheme, popularly known as Mavrodi Mundial Movement (MMM), greater number are still patronising similar fund management schemes. This was disclosed on Thursday by the Managing Director, Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim, at the ongoing 38th Kaduna International Trade Fair in…

NDIC Reveals How Much Nigerians Lost To MMM Scheme

Following the suspected crash of the Mavrodi Mundial Movement popularly known as MMM which sent panic across the country especially amongst participants of the Ponzi scheme, the Managing Director of the Nigerian Deposit Insurance Corporation (NDIC), Umaru Ibrahim has revealed how much Nigerians invested in the online financial scheme. Speaking on the crashed scheme, the……

MMM: 3 million Nigerians lost N18bn to scheme – NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has said that at least, three million Nigerians have lost N18bn in the popular Ponzi scheme, Mavrodi Mundial Movement(MMM). . The Managing Director of the corporation, Alhaji Umaru Ibrahim made this known at the ongoing 38th Kaduna International Trade Fair on Thursday. He decried Nigerians investment in the scheme…

3 million Nigerian’s lost N18bn to MMM ― NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that three million Nigerians had lost N18 billion in the Mavrodi Mundial Movement Ponzi scheme (popularly called MMM). This was made known by the Managing Director of the Corporation, Alhaji Umaru Ibrahim while speaking at the NDIC day at the ongoing 38th Kaduna International Trade Fair on……

Bank directors responsible for 40% toxic debts –NDIC

The revelation that more than 40 per cent of Banks’ bad debts are caused by their directors has elicited some concerns among customers and other stakeholders. Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC) Umaru Ibrahim, had revealed that the banking industry indicated strong fundamentals in regulatory assessment and rating,as regulators were…

Senate to focus on 2017 budget this week

This week, the Senate is set to begin debate on the 2017 appropriations bill submitted by President Muhammadu Buhari. Both chambers of the National Assembly had last week passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2017 to 2019, paving way for the consideration of the 2017 appropriations bill. In…

NDIC expresses fears that some banks may not survive recession

The Nigerian Development Insurance Corporation (NDIC) has expressed fears that a number of banks in the country may not survive the economic recession presently hitting the country. According to the Managing Director/Chief Executive of the corporation, Alhaji Umaru Ibrahim who spoke at a public function in Kaduna, Kaduna State, the 23 commercial banks in Nigeria…

We can’t do more than pray for MMM victims – NDIC

The Managing Director of the Nigeria Deposit Insurance Corporation, NDIC, Umaru Ibrahim, has said there is nothing else the agency could do except to offer prayers for the victims of the recently crashed Mavrodi Mundial Movement, MMM. The MMM had last week suspended its window in Nigeria due to what it called ‘heavy workload on…

NDIC launches plan to shut down MMM in Nigeria, insists it is fraudulent

The Nigeria Deposit Insurance Corporation, NDIC, has revealed plans to shut down Mavrodi Mondial Movement, MMM, scheme in Nigeria. The Managing Director, MD of NDIC, Alhaji Umaru Ibrahim, disclosed that the regulators had set up a Committee to stem the nefarious activities of the fraudsters across the country. Speaking on Monday during the NDIC Special…

Buhari moves to extend tenure of Umoru Ibrahim as NDIC Managing Director

President Muhammadu Buhari has written to the Senate to confirm the reappointment of Umoru Ibrahim as the Managing Director/Chief Executive Officer of Nigeria Deposit Insurance Corporation, NDIC. In the letter, which was transmitted to the Senate on Tuesday, the President said the decision to reappoint Umoru was in accordance with Section 5 subsection 4 and…