Nigeria Deposit Insurance Corporation (NDIC) has said it does not insure investments of illegal fund managers, with innovative products.

A statement from the said it has become necessary to caution the public especially with the recent increase in investment channels arising from innovative products.

The corporation urged the public to desist from investing with such fund managers or bear the high risk associated with such investments.

Consequently, The deposit insurer, the NDIC said that contrary to claims by some of these funds managers, the Corporation insures ONLY deposits of financial institutions licensed by the Central Bank of Nigeria (CBN) to accept deposits from the public.

The advisory urged the public to visit its website at to confirm the complete list financial institution covered by the deposit insurance scheme of the NDIC, before making such investments.

It also advised members of the public to report any entity suspected to be involved in illegal deposit mobilization to the law enforcement agencies through the Director, Communication & Public Affairs Department, Nigeria Deposit Insurance Corporation.