The Nigeria Deposit Insurance Corporation NDIC has started the verification of insured depositors of the defunct Peak Merchant Bank.
This is in line with its move to ensure deposit guaranty and reimbursement of depositors in the event of bank failure, in-liquidation towards payment of their insured sums.
The Director, Communication and Public Affairs, NDIC, Bashir Nuhu, on Sunday, said in a statement that the verification exercise would guarantee depositors of the defunct bank to cross-check and ascertain their account information as well as balances with the bank as at closure.
The statement further noted that the process is a prelude to the payment of insured sums to such depositors.
“Depositors are therefore 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 stated.
The corporation 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 above the insured sums subsequently, as liquidation dividends from proceeds of the closed bank’s assets as realized by NDIC as liquidator.