The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of the verification exercise for insured depositors of Peak Merchant Bank in liquidation. This is in line with the organization’s mandate of deposit guarantee and reimbursement of depositors in the event of bank failure.
In a statement signed by Bashir Nuhu, the Director of Communication and Public Affairs at NDIC, the exercise will enable depositors of the defunct bank to cross-check and verify their account information as well as balances with the bank as at the time of its closure. This is a prelude to the payment of insured sums to such depositors.
To participate in the verification exercise, depositors are required to visit either the bank’s old premises or the NDIC office nearest to them with proof of account ownership and verifiable means of identification.
According to NDIC, the insured sum is the first and mandatory payment that depositors are paid, up to a specified limit, if a bank fails. Depositors are subsequently paid amounts in excess of the insured sums as liquidation dividends from the proceeds of the closed bank’s assets as realized by NDIC as a liquidator.
The verification exercise is a crucial step towards ensuring that depositors of Peak Merchant Bank in liquidation receive their insured sums. NDIC is committed to fulfilling its mandate of protecting depositors and ensuring financial stability in Nigeria.
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