In accordance with its mandate to guarantee deposits and compensate depositors in the event of bank failure, the Nigeria Deposit Insurance Corporation (NDIC) has started to verify insured Peak Merchant Bank depositors’ inability to pay their insured sums.
According to a press release from the NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, the verification exercise would allow depositors of the bank to close to cross-check and determine their account information and balances.
The process, according to the press release, is a step before such depositors receive their insured sums.
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To complete the exercise, depositors are advised to go to the bank’s former location or the Corporation office that is closest to them with identification that can be verified and proof of account ownership.
According to the NDIC, the insured sum is the initial and required payment that depositors receive in the event that a bank fails, up to the predetermined limit.
Additionally, as liquidation dividends from the proceeds of the closed bank’s assets as realized by NDIC as liquidator, depositors are later paid sums in excess of the insured sums.
