NDIC begins verification of depositors of failed bank
Banking & Finance Economy Insurance

NDIC begins verification of depositors of failed bank

The Nigeria Deposit Insurance Corporation (NDIC) has begun verification of insured depositors of Peak Merchant Bank in-liquidation.

This is with a view to paying their insured sums.

Such payment is in line with the corporation’s mandate of deposit guaranty and reimbursement of depositors following a bank failure.

Bashir Nuhu, NDIC Director of Communication and Public Affairs, announced this in a statement issued on Monday.

The verification would enable defunct bank depositors to cross-check their account information and balances with the bank at closure.

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The Corporation added that the process was a prelude to the payment of insured sums to such depositors.

“Depositors are, therefore, enjoined to visit the bank’s old premises or the NDIC’s office nearest to them with proof of account ownership.

“They should also come with verifiable means of identification for the exercise,” it said.

The insured sum would be the first and mandatory payment that NDIC would pay to depositors up to a specified limit when a bank fails.

Depositors are paid amounts in excess of the insured sums subsequently.

This is as liquidation dividends from proceeds of the closed bank’s assets as realised by NDIC as liquidator.


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