Mr Onyechere said the corporation has intensified awareness campaign across the nation, warning people against scammers operating ponzi schemes.

The Nigeria Deposit Insurance Corporation (NDIC), has advised Nigerians to beware of ponzi schemes operating under the guise of financial institutions.

The Zonal Controller of NDIC, Ilorin Zone, Chima Onyechere, who gave the advice on Wednesday in an interview with the News Agency of Nigeria (NAN), said such financial institutions were fraudulent.

Mr Onyechere said the corporation had intensified awareness campaign across the nation, warning people against scammers operating ponzi schemes.

"There are a lot of ponzi schemers across the country, especially in local places. People in these places may not be aware of their scheme because they entice people with high interest rate.

"They trick people into putting money in their fraudulent financial institutions and people are not aware that they are illegal.

"That is why NDIC is passing a message to everyone on the need to look out for financial institutions that have the corporation's certification to operate.

"Whenever Nigerians come across these financial institutions without NDIC certification, they should ask questions and find out if they are insured under NDIC before doing any business with them," he said.

According to Onyechere, NDIC stickers are placed on financial institutions such as banks that are insured by the corporation and certified safe to do business.

(NAN)