Alhaji Umaru Ibrahim, Managing Director/CEO of Nigeria Deposit Insurance Corporation (NDIC), has reiterated the corporation’s determination to arrest all economic crimes particularly in our cyberspace using requisite knowledge and capacity.

He noted that the proliferation of Ponzi schemes and the attendant increases and sophistication in cybercrimes in Nigeria were major challenges it is facing at the moment. Ibrahim however said that they are seeking higher knowledge and sophistication to tame the tide and play distinct role as a critical member of Nigeria safety net with distinction. He said that the corporation is determined to arrest the economic crimes, using requisite knowledge and capacity.

The NDIC boss spoke on Thursday at the on-going Enugu International Trade Fair.

Represented by Mrs Vera Ogbo-Ikwue, the corporation’s Deputy Director South East zonal office, Ibrahim also averred 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.

Ibrahim said, “In 2018, a total of N526,397,116.26 were recovered from deposit money banks liquidation while N51,159,867.97 and N710,057.83 were gotten from primary mortgage banks and micro finance banks, respectively.”