NDIC Begins Verification of Insured Depositors of Defunct Peak Merchant Bank

Paschal Emeka, Abuja / posted April 23, 2023

In line with its mandate of deposit guaranty and reimbursement of depositors in the event of bank failure, the Nigeria Deposit Insurance Corporation (NDIC) has commenced verification of insured depositors of Peak Merchant Bank in-liquidation towards payment of their insured sums.

According to a press release signed by the Director, of Communication and Public Affairs, NDIC, Bashir Nuhu, over the weekend, a 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 press release stated further 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 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 in excess of the insured sums subsequently, as liquidation dividends from proceeds of the closed bank’s assets as realized by NDIC as liquidator.