NDIC Warns Nigerians Against Ponzi Schemes, Urges Savings Only in CBN-Licensed Banks - Newstrends
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NDIC Warns Nigerians Against Ponzi Schemes, Urges Savings Only in CBN-Licensed Banks

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NDIC Warns Nigerians Against Ponzi Schemes, Urges Savings Only in CBN-Licensed Banks

The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to stay alert and avoid Ponzi schemes and fraudulent online investment platforms that continue to target unsuspecting citizens.

The Managing Director of the Corporation, Mr. Thompson Oludare Sunday, delivered the warning during the NDIC Special Day at the 46th Kano International Trade Fair, themed “Empowering SMEs for Sustainable Development.” He was represented by Kayode Sokunbi, Deputy Director, Procurement, Management Services Department.

Oludare advised Nigerians to ensure their funds are kept only in Central Bank of Nigeria (CBN)-licensed banks, all of which enjoy NDIC deposit insurance protection.

“Your vigilance is crucial to safeguarding your hard-earned savings,” he said, encouraging visitors to engage with the NDIC team at the Trade Fair for guidance on safe banking practices.

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For over 37 years, the NDIC has played a crucial role in protecting depositors—especially the most vulnerable—while supporting the stability of Nigeria’s financial system. Its mandate includes insuring deposits, supervising financial institutions, managing distressed banks and ensuring orderly resolution during bank failures.

Oludare reaffirmed the corporation’s commitment to maintaining a secure financial environment, noting that the NDIC works closely with the CBN to strengthen regulatory compliance and oversight across insured institutions.

He also emphasized the importance of linking all bank accounts to the correct Bank Verification Number (BVN) details. This, he said, ensures seamless access to insured compensation in the event of bank failure.

According to the NDIC, depositors are entitled to ₦5,000,000 insurance coverage for commercial banks and mobile money operators, and ₦2,000,000 for microfinance banks, primary mortgage banks and payment service banks. Payments, he noted, would be made directly into an alternate bank account bearing the same name as the customer’s official identity documents.

 

NDIC Warns Nigerians Against Ponzi Schemes, Urges Savings Only in CBN-Licensed Banks

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Court Accepts Sowore’s Tweet Calling President Tinubu ‘Criminal’ as Exhibit in Cybercrime Trial

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Former Presidential Candidate of the African Action Congress, AAC, Omoyele Sowore
Former Presidential Candidate of the African Action Congress, AAC, Omoyele Sowore

Court Accepts Sowore’s Tweet Calling President Tinubu ‘Criminal’ as Exhibit in Cybercrime Trial

A Federal High Court in Abuja has admitted a tweet by activist and journalist Omoyele Sowore, in which he called President Bola Ahmed Tinubu a “criminal,” as part of the evidence in his ongoing cyberstalking and defamation trial brought by the Department of State Services (DSS).

Justice Mohammed Umar ruled on Thursday, January 22, 2026, that screenshots of the controversial posts from Sowore’s verified X (formerly Twitter) and Facebook accounts, along with video clips submitted on a flash drive, would be formally marked as exhibits in the case. The court overruled defense objections, allowing the social media evidence to form a central part of the prosecution’s case.

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The trial relates to posts published in August 2025, following President Tinubu’s official visit to Brazil. The government alleges that Sowore’s online statements were false, inflammatory, and capable of undermining public peace, contrary to provisions under the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024. DSS witnesses told the court that Sowore’s posts attracted millions of views and were capable of escalating political tension and threatening national security.

Sowore, a former presidential candidate and founder of the African Action Congress (AAC), has pleaded not guilty, insisting that his posts are protected under freedom of expression and free speech rights. The court adjourned the matter to January 27, 2026, for the cross-examination of DSS witnesses and continuation of proceedings.

The case has sparked a nationwide debate over cyber defamation, limits of online political criticism, and freedom of expression in Nigeria, attracting significant attention from journalists, human rights groups, and political commentators.

Court Accepts Sowore’s Tweet Calling President Tinubu ‘Criminal’ as Exhibit in Cybercrime Trial

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Police Nab Woman Who Hired Armed Robbers to Steal Boyfriend’s ₦13m Gold

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Police Nab Woman Who Hired Armed Robbers to Steal Boyfriend’s ₦13m Gold

Police Nab Woman Who Hired Armed Robbers to Steal Boyfriend’s ₦13m Gold

The Delta State Police Command has arrested a 24-year-old woman for allegedly hiring armed robbers to steal her boyfriend’s gold jewellery worth about ₦13 million, the police confirmed on Thursday, January 22, 2026.

One of the gold

One of the golds

According to SP Bright Edafe, Delta police spokesperson, the suspect, identified as Jessica Anthony, approached individuals she believed were armed robbers to execute the plan. Her motive, she admitted, was to raise money for her sister’s medical bills.

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The boyfriend reportedly became aware of the plot and contacted the Delta police, who arranged for the “robbers” to be intercepted. During the operation, Jessica was arrested and the gold jewellery — including a hand chain and necklace — recovered.

A video released by the Delta State Police shows the recovered items and highlights the agency’s prompt action in foiling the robbery attempt. SP Edafe warned residents against engaging in criminal activities or hiring armed criminals, stressing that such acts carry severe legal consequences.

This incident forms part of ongoing Delta police operations targeting armed robbery, kidnapping, and other violent crimes, reinforcing the command’s commitment to public safety and law enforcement across the state.

Police Nab Woman Who Hired Armed Robbers to Steal Boyfriend’s ₦13m Gold

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Nigeria Political Battle: Akpabio Drags Natasha Akpoti to Supreme Court

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Senator Natasha Uduaghan and Senate President Godswill Akpabio
Senator Natasha Uduaghan and Senate President Godswill Akpabio

Nigeria Political Battle: Akpabio Drags Natasha Akpoti to Supreme Court

Senate President Godswill Akpabio has filed a fresh case at the Supreme Court, escalating the ongoing legal dispute with Senator Natasha Akpoti‑Uduaghan over her suspension from the Nigerian Senate. The move comes after protracted proceedings in lower courts, with the apex court now set to deliver a final judgment on the matter.

According to court filings, Akpabio is seeking the Supreme Court’s approval to regularize and sustain his appeal against previous rulings from the Federal High Court and the Court of Appeal, asserting that the Senate acted within its powers under Section 60 of the 1999 Constitution to regulate its internal procedures. The case, recorded under SC/CV/1111/2025, also requests leave for Akpabio’s notice of appeal and brief of argument to be deemed properly filed and served.

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The dispute traces back to February 2025, when Akpoti‑Uduaghan raised concerns over alleged procedural irregularities and parliamentary privilege issues during a Senate plenary session. The Senate Committee on Ethics, Privileges and Public Petitions subsequently invoked disciplinary measures, resulting in a six-month suspension for the lawmaker.

Akpoti‑Uduaghan challenged the suspension at the Federal High Court in Abuja, arguing it violated her constitutional right to fair hearing and breached Senate Standing Orders. The Court of Appeal later struck out parts of the Senate’s defense on procedural grounds, prompting Akpabio to escalate the matter to the Supreme Court for definitive resolution.

Additionally, the dispute encompasses a related contempt proceeding, arising from a social media post by Akpoti‑Uduaghan during the litigation, which a Federal High Court deemed in violation of a restraining order, leading to a fine and public apology — a decision she is also appealing.

The Supreme Court filing effectively brings all parties before Nigeria’s apex court, with the case expected to set precedents on the limits of legislative authority, judicial review, and parliamentary discipline.

Nigeria Political Battle: Akpabio Drags Natasha Akpoti to Supreme Court

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