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 company 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.
Equation Global Service Solutions Limited has printed flyers which contain various products and services with interest rates ranging from 30% to 40 % for premium and classic offers. It claims in one of the flyers that the company, whose operations started in Nigeria in 2009, is a member of the Nigeria Stock Exchange 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.
Equation Global Service Solutions Limited 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.
Members of the public are therefore warned 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.