Nigeria Deposit Insurance Corporation (NDIC) has once again warned the general publics on the the activities of illegal funds managers otherwise known a ‘Wonder bank.

The warning was given by the the Managing Director/ CEO Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim while delivery a keynote address on the occasion of the NDIC special day at the 2016 Lagos International Trade fair.

Ibrahim however stated that the regulatory authorities had set up an inter-agency committee under the Financial Service Regulatory Coordinating Committee (FRSCC) to stem out the nefarious activities of these fraudsters a cross the country.

According to him, it was worrisome to note that despite repeated advice, many unsuspecting members of the public were still falling victims to the mouth watering interest being offered by these illegal funds managers.

He cautioned the public saying that those who patronize these illegal fund mangers do that at their own risk adding that those mangers were neither licensed with the Central Bank of Nigeria ( CBN) or endorsed by NDIC.

He therefore warned the public saying; “Once again, I must sound a word of warning that those who patronize these illegal funds managers are doing so at their own risk. For the avoidance of doubt these illegal funds managers or “wonder bank” are neither licensed by CBN nor under the NDIC deposit insurance coverage. Members of the public are therefore advised to patronize only banking institutions that display the NDIC sticker: “Insured by NDIC” in their banking halls or entrances.