The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the increased sophistication of cybercrime and the proliferation of Ponzi schemes were major challenges it is facing at the moment.
The corporation however said it is determined to arrest the economic crimes, using requisite knowledge and capacity.
It therefore said it was seeking higher knowledge and sophistication to tame the tide and play distinct role as a critical member of Nigeria safety net with distinction.
The Economic and Financial Crimes Commission (EFCC) also said that NDIC was not on the war alone as it was partnering with the corporation to abolish the economic sabotage.
Managing Director/CEO of NDIC, Alhaji Umaru Ibrahim made the disclosure yesterday at the ongoing 30th Enugu International Trade Fair.
Represented by the Corporation’s Deputy Director, South East zonal office, Mrs Vera Ogbo-Ikwue, Ibrahim also disclosed that NDIC has extended deposit insurance coverage to depositors of non-interest banking institutions and subscribers of Mobile Money Operators to the maximum limit of half a million naira.
He said that the cooperation has also taken measures to ensure that all those who contributed to the failure of the defunct Skye bank, now Polaris bank, are prosecuted through the appropriate legal means to serve as a deterrent to others.
“In 2018, a total of N526.4 million was recovered in respect of deposit money banks liquidation; N51.1 million and N710,000 from primary mortgage banks and micro finance banks, respectively,” Ibrahim said.