BY FESTUS OKOROMADU, ABUJA
The Nigeria Deposit Insurance Corporation has commenced the verification exercise to settle depositors of Peak Merchant Bank in-liquidation.
NDIC said the move is in line with its mandate of deposit guarantee and reimbursement of depositors in the event of bank failure.
NDIC Director of Communication and Public Affairs, Bashir Nuhu, said 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 as at closure.
The process, he stated, is a prelude to the payment of insured sums to such depositors, charging them to participate by visiting the bank’s old premises or any NDIC’s office close to them.
Nuhu explained that insured sum is the first and mandatory payment that depositors are paid, up to specified limit, if a bank fails.
He disclosed that depositors are paid amounts in excess of the insured sums subsequently, as liquidation dividends from proceeds of the closed bank’s assets as realised by NDIC as liquidator.