June 13, 2024

The Nigeria Deposit Insurance Corporation (NDIC) has commenced verification of insured depositors of the defunct Peak Merchant Bank in line with its mandate of deposit guaranty and reimbursement of depositors in the event of bank failure.

According to a release signed by its Director of Communication and Public Affairs, Bashir Nuhu, the verification exercise would enable depositors of the defunct bank to cross-check and ascertain their account information as well as balances with the bank at closure.

The statement stated that the process is a prelude to the payment of insured sums to the depositors.

The depositors are thus enjoined to visit the bank’s old premises or the Corporation’s office nearest to them with proof of account ownership and verifiable means of identification for the exercise.

NDIC added that the insured sum is the first and mandatory payment that depositors are paid, up to a specified limit, if a bank fails. Depositors are paid amounts over the insured sums subsequently as liquidation dividends from proceeds of the closed bank’s assets realised by NDIC as liquidator.


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