The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians to beware of wonder banks and desist from doing businesses with them. It said these banks are deceiving the unsuspecting public by promising them high return on their money.
Citing an instance, the corporation, in a statement, identified one illegal investment company known as Equation Global Service Solutions Limited and appealed to the people to stop doing business with this firm. It stressed that the fraudulent firm was never insured by the corporation, saying, the company was currently operating in three states of the federation. According to NDIC, “the company is located at No 56, Eligbolo Road, Rumuodomaya, Port Harcourt, Rivers State. It also has three 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 corporation stated further that the firm has already printed flyers, which contained various products and services with interest rates ranging from 30 to 40 per cent for premium and classic offers.
The company, it said, in one of its flyers, claimed that it started operations in 2009, listed on the Nigeria Stock Exchange (NSE) and is insured by NDIC.
The company, it said, in one of its flyers, claimed that it started operations in 2009, listed on the Nigeria Stock Exchange (NSE) and is insured by NDIC.
Stating that the corporation provides deposit insurance cover to only licensed banks and other deposit-taking financial institutions in Nigeria, NDIC, added that banks and other deposit-taking financial institutions that are licensed by the Central Bank of Nigeria (CBN) and insured by NDIC are: Deposit Money Banks (DMBs), Non-Interest Banks, Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs).
“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 likes and are advised not to patronise them. Any person who patronises the company does so at his or her own risk” he pointed out.
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