NDIC begins verification of insured depositors of Peak Merchant Bank

The Nigeria Deposit Insurance corporation (NDIC) has commenced verification of insured depositors of Peak Merchant Bank in-liquidation towards payment of their insured sums.

This is in line with its mandate of deposit guarantee and reimbursement of depositors in the event of bank failure.

According to a press release signed by Bashir Nuhu, director, communication and public affairs, NDIC, 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.

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The 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.

The NDIC added that insured sum is the first and mandatory payment that depositors are paid, up to 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 realised by NDIC as liquidator.

It could be recalled that Peak Merchant Bank.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.