By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigeria Deposit Insurance Corporation (NDIC) on Wednesday declared illegal the activities of Equation Global Service Solutions Limited operating in Port Harcourt River State, South South Nigeria.
‘’Our attention has been drawn to the illegal operations of one investment company, Equation Global Service Solutions Limited which collects deposits from unsuspecting members of the public and claims to be insured by the Nigeria Deposit Insurance Corporation (NDIC),’’ the Corporation said in a disclaimer.
According to the NDIC, Global Services Solutions is located at No 56, Eligbolo Road, Rumuodomaya, Port Harcourt, Rivers State. ‘’It also has three (3) branches at Suite 20 Chief Minikwu Plaza, by Agip Gate, Port Harcourt; 220 Kofaruwa Market Kano, Kano State and 59, Olumore Estate Abeokuta, Ogun State,’’ the NDIC said.
The deposit insurer said the company has printed flyers which contain various products and services with interest rates ranging from 30 percent to 40 percent for premium and classic offers.
It claims in one of the flyers that the wonder bank, whose operations started in Nigeria in 2009, is a member of the Nigeria Stock Exchange (NSE) and is insured by the NDIC.
‘’We wish to state unequivocally that the NDIC provides deposit insurance cover to only licensed banks and other deposit-taking financial institutions in Nigeria. For the avoidance of doubt, the banks and other deposit-taking financial institutions that are licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC are: Deposit Money Banks (DMBs), Non-Interest Banks, Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) only,’’ NDIC affirmed.
The NDIC further affirmed that Equation Global Service Solutions does not fall under the above category of insured financial institutions. ‘’We wish to state categorically that the Company is not insured by the NDIC,’’ the deposit insurer said.
The Corporation therefore warned members of the public to steer clear of the illegal activities of the company and their like and are advised not to patronise them. ‘’Any person who patronises the company does so at his or her own risk,’’ the NDIC warned.
