He said Nigerians were falling for Ponzi traps due to a combination of ignorance and greed.
NDIC says it paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks.
Mr Yuguda said the commission had been fighting a serious war against Ponzi schemes where people without licenses extort money from unsuspected victims.
The commission said the two companies are not registered to operate in the Nigerian capital market.
“You are the greatest security for yourselves because when you are sensitised, you will be able to identify them the moment you see it.”
In one case, the suspects, whose social media prominence earned them the sobriquet ‘Bonnie and Clyde’, allegedly defrauded investors N1 billion.
“Financial independence for women is crucial, we must defer all non-essential purchases like ‘Asoebi,’ fancy items and others.”
