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Beware of “wonder banks”, NDIC tells Nigerians


The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to be wary of “wonder banks” that give extra-ordinary interest rates and profits on investments.
Its Managing Director, Alhaji Umaru Ibrahim, gave the advice in an address at the NDIC Special Day at the ongoing 29th Enugu International Trade Fair in Enugu on Thursday.
Umaru, who was represented by NDIC Director of Strategy Development, Mr Festus Ekechi, said many Nigerians had continued to lose fortunes and even their life savings to Ponzi schemes and other illegal fund managers with disastrous consequences.
“The corporation’s activities, through the supervision of banks, continuous monitoring and oversight, serves as consumer protection for depositors (in legal banks) which enhances confidence in the financial system.
“This acts as an incentive for the unbanked to access financial services of licensed banks.
“Poor and uninformed depositors need assurance that the services of licensed deposit taking institutions are safe and that they have access to their money whenever they need it,” he said.
The NDIC managing director said the NDIC was determined to ensure the safety and soundness of the nation’s financial system.
According to him, the key mandate of the corporation is to provide deposit guarantee to depositors of insured financial institutions, banks supervision, distress resolution, and bank liquidation.
He said that since inception, NDIC had grown from strength-to-strength in ensuring that the over-riding public policy objectives for establishing a deposit insurance system in the country were realised.
“With the protection of depositors in mind, the Maximum Deposit Insurance Coverage (MDIC) per depositor per bank progressively increased from N50,000 in 1989 to its current N500,000 per depositor per Deposit Money Banks (DMBs).
“Similarly, the insured limit for Micro-Finance Banks (MFBs) and Primary Mortgage Banks (PMBs) in 2009 was increased from N100,000 to N200,000 per depositor per MFB/PMB in 2010.
“However, on August 4, 2016, the Minister of Finance approved an upward review of the deposit insured limit for depositors of PMBs to N500,000 in order to ensure coverage of over 90 per cent of depositors in the banking sub-sector.
“It is pertinent to point out that depositors who have funds in excess of the insured limit are entitled to liquidation dividend after recovery of debts and sales of physical assets of the closed banks,” he said.
Earlier, the President of Enugu Chamber of Commerce, Chief Emeka Udeze, had commended NDIC for always partnering with the chamber to educate the banking public on the safety of their bank deposits.
Udeze said that NDIC remained resolute in the protection of depositors’ funds within banks and other financial institutions in the country.
“The NDIC has helped to build confidence amongst bank depositors, thereby helping to stabilise the Nigerian financial system,” he said.
The News Agency of Nigeria (NAN) reports that the fair, which has entered its 7th day, has its theme as “Engendering the Competiveness of Nigerian Products in the Global Market.” (NAN)
News
Family Marks one-year Memorial of Late APC Chieftain, Ojougboh with Charity Outreach
By Ikenna Oluka


The family of the late chieftain of the All Progressives Congress (APC), Chief Dr. Cairo Ojougboh, led by his wife, Mrs. Bose Ojougboh, marked his one-year memorial anniversary with a series of charitable initiatives aimed at honoring his legacy of philanthropy and service to society.
The memorial activities included the donation of school books and bags to pupils of Erigbe Primary School, in Agbor within the Ika South Local Government Area (LGA) of Delta State, where Dr. Ojougboh had received his early education.
The outreach also included extension of financial assistance to patients at Central Hospital, Agbor, and the provision of toiletries, cash, and food items to children at the Salve Regina Children’s Home, Agbor.
The outreach was carried out under the ‘Dr. Cairo Ojougboh Foundation’, a family-led initiative established to immortalise him and continue his lifelong commitment to education, healthcare, and social welfare.
Speaking during the event which took place recently, Mrs. Ojougboh reaffirmed the family’s dedication to sustaining the ideals of the late APC chieftain, describing him as a man who strongly believed in education and giving back to society.
“We are here to celebrate the life of my husband, Late Dr. Cairo Ojougboh, who passed on a year ago. In his honour, we decided to give back to society. He was a man who valued education and was always willing to help others. It is only fitting that we continue his legacy through acts of generosity,” she stated.
Honouring his passion for education
The first visit was to Erigbe Primary School, where Dr. Ojougboh had received his early education. The Foundation distributed school bags, writing materials, and food packs to the pupils. The family encouraged the pupils to take their education seriously and strive to become responsible citizens.
Supporting patients at Central Hospital, Agbor
At Central Hospital, Agbor, Mrs. Ojougboh and her entourage moved through the medical wards, offering financial support to patients to assist with their treatment costs. The hospital staff and beneficiaries responded with prayers and words of gratitude for the kind gesture.
Reaching out to orphaned children
The outreach team also visited Salve Regina Children’s Home in Agbor where they donated cash, food items, and toiletries to the children.


The Matron of the home expressed her deep appreciation to the Ojougboh family, commending their commitment to sustaining the late politician’s legacy of compassion and social impact.
Dr. Cairo Ojougboh’s enduring legacy
Reflecting on her late husband’s contributions to society, Mrs. Ojougboh emphasised that his legacy of generosity and service to humanity would not be forgotten.
“Dr. Cairo was a selfless man who touched many lives. His contributions to the Nigerian political landscape, his mark in Agbor Kingdom, Delta State, and the country at large, will always be remembered. He may be gone, but his impact will continue to be felt for generations,” she said.
The Dr. Cairo Ojougboh Foundation has pledged to continue supporting education, healthcare, and social welfare initiatives in his memory, ensuring that his vision for a better society lives on.
News
Widows, Wives and More than 2,000 Residents of Ikeja Police Barracks Benefit from YP4T’s Initiative


More than 2,000 individuals from the Ikeja Police Barracks community benefited from an impactful outreach program spearheaded by Young Professionals for Tinubu (YP4T), an advocacy and support group working in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
The initiative provided critical medical services, care packages, food supplies, and financial assistance to widows, wives, and vulnerable residents, demonstrating the heart of nation-building through community-centered support.
The program, which united healthcare professionals, community organizers, and volunteers, complemented the government’s broader efforts to bring essential services closer to the people.
Residents of the Ikeja Police Barracks received free medical consultations, blood pressure and diabetes screenings, and wellness advice. Widows and families also left with care packages filled with food items, toiletries, and financial support to help alleviate the pressures of the holiday season.
Dr. Love V. Tinuoye, CEO of Medvita Consultancy and the lead doctor on-site, reflected on the impact:
“This initiative reflects a collective commitment to advancing healthcare in Nigeria. We were able to screen for and address critical health issues such as hypertension and diabetes while also providing preventive care like vaccinations and cancer screenings. This is what true community-focused care looks like.”
Beyond medical services, the outreach distributed care packages containing food staples, toiletries, and financial support, designed to alleviate the challenges faced by vulnerable members of the police barracks community.
The event highlights the ongoing efforts under the Renewed Hope Agenda to provide inclusive support for Nigerians across the country. Initiatives like this not only extend access to essential services but also strengthen the fabric of communities.
Mrs. Jumoke Elom, a businesswoman and beneficiary, shared her gratitude:
“I am deeply grateful for this program. The care my family received today—both medical and material—has given us hope and reminded us that we are not alone. It shows that there is real support for families like mine.”
The outreach program was also a platform for demonstrating the principles of nation-building through collaborative action. Alex Oware, Security Expert and Director of YP4T, explained the motivation behind the initiative: “The Renewed Hope Agenda is about about bringing real transformation to communities. This initiative embodies that vision by supporting over 2,000 people—not just through tangible resources, but by reaffirming their place in the collective growth of our nation. It lies at the soul of Renewed Hope: fostering resilience and creating opportunities for all Nigerians.”
The outreach program extended beyond healthcare, providing food and financial support to families within the police barracks. A touching moment involved a widow who, after receiving her care package, expressed her gratitude with tears of joy. Her story is just one of many that reflect the transformative power of collective action.
This initiative by YP4T—an advocacy and support group of Nigerian professionals from across the globe—represents a continued commitment to driving grassroots impact, inspired by President Tinubu’s vision. The success of the Ikeja outreach program demonstrates the power of collaboration between the public and private sectors to deliver meaningful change across Nigeria.
News
Matawalle Salutes Nigerian Military, Citizens at Christmas
… Calls for Love and Peaceful Coexistence


The Honourable Minister of State for Defence, H.E. Dr. Bello Mohammad Matawalle, has extended warm greetings to the Nigerian military and all citizens, both Christians and non-Christians, during this joyous Christmas season.
In his message, he emphasized the importance of embodying the spirit of love and peaceful coexistence, urging all Nigerians to reflect on these values not only during the festive period but throughout the year.
“This season serves as a poignant reminder of the enduring principles of peace, unity, love, and sacrifice that bind us as a nation,” he stated.


The Minister encouraged every Nigerian, regardless of their religious beliefs, to celebrate and honor President Bola Ahmed Tinubu, GCFR, as well as the brave men and women of the Armed Forces who tirelessly demonstrate their patriotism in safeguarding the safety and sovereignty of our beloved country.
Highlighting the significance of the yuletide season, he noted that it should reinforce our bonds of unity, foster a spirit of camaraderie, and inspire compassion towards one another. He called on all citizens to remain steadfast in their collective efforts to build a secure and prosperous Nigeria.
In conclusion, the Minister wished everyone a Merry Christmas and a Happy New Year.
Henshaw Ogubike, MNIPR, FCAI, FSCA, FCPE
Director of Information, Press and Public Relations