By Chioma Obinagwam
The Nigerian Deposit Insurance Corporation (NDIC) has reacted to the recent crash of CBEX crash where participants in the Ponzi scheme lost a whopping ₦1.3 trillion.
Confiance News gathered from the official website of the Corporation on Monday.
NDIC stated that it understands that consumer protection is at the core of financial system stability, and has vigorously engaged in public enlightenment to ensure that the public does not fall victim to such fraudulent schemes in the future.
“The growing incidence of Ponzi schemes and so-called “wonder banks” as witnessed by the recent crash of the CBEX pyramid scheme, which resulted in an estimated loss of ₦1.3 trillion have implications for public confidence in the financial system. The Corporation remained committed to protecting the public from such fraudulent schemes by implementing a comprehensive public awareness campaign,” it said.
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