The Nigeria Deposit Insurance Corporation (NDIC) on Wednesday warned Nigerians not to deposit money with a new wonder bank on the prowl, Equation Global Service Solutions Limited, claiming to be an investment company.

The NDIC on its website, explained that the company was not among the category of financial institutions insured by the corporation.

“Equation Global Service Solutions Limited has printed flyers which contain various products and services with interest rates ranging from 30 per cent to 40 per cent 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 licenced banks and other deposit-taking financial institutions in Nigeria,’’ it stated.

It listed the banks and other deposit-taking financial institutions that were licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC to include 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,’’ it added.

Equation Global claims to operate from 56, Eligbolo Road, Rumuodomaya, Port Harcourt, Rivers.

It also has 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. It also lists on its website, a United Kingdom address: 6,Garrisson ln, Felixstowe,suffolk, IP11 7sj, United Kindom. Tel: +447466831319.

Its Nigerian line is: 08164438207. All the two lines went unanswered Wednesday. There was no single contact name listed by the company.

Nigerians have had unpleasant experiences in the past with some ‘wonder banks’, offering mouth watering interests to depositors. But the people ended up swindled, losing life savings to dubious ‘bankers’.