By Anthony Nwachukwu
The Nigeria Deposit Insurance Corporation (NDIC) has commenced verification of insured depositors of Peak Merchant Bank (PMB) in-liquidation towards payment of their insured sums.
This is in line with its mandate of deposit guaranty and reimbursement of depositors in the event of bank failure.
The verification exercise will enable depositors of the defunct bank to ascertain their account information and balances with the bank as at closure, a statement by the NDIC Director, Communication and Public Affairs, Bashir Nuhu, noted.
NDIC stated that “the process is a prelude to the payment of insured sums to such depositors.” Therefore, depositors are 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.
It further explained that insured sum is the first and mandatory payment that depositors are paid, up to specified limit, if a bank fails. Subsequently, depositors are paid amounts in excess of the insured sums as liquidation dividends from proceeds of the closed bank’s assets as realised by NDIC as liquidator.
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