From Uche Usim, Abuja

The Nigeria Deposit Insurance Corporation (NDIC), on Monday, said it was set to pay the first liquidation dividend to depositors and ex-staff (deposits) of defunct Peak Merchant Bank.

The Corporation is doing so in its capacity as the official liquidator of the failed Banks in Nigeria.

To this end, it has called on those affected to come for a verification exercise.

According to a release signed by the Director, Communication and Public Affairs, NDIC, Bashir Nuhu, 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.

“We enjoin all eligible stakeholders of the defunct bank to visit any NDIC offices or visit NDIC website for verification of their claims commencing from Monday, 18th September to 16th October, 2023; while the duly completed verification forms can also be sent to the Corporation’s email address”, Nuhu explained.

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The Central Bank of Nigeria (CBN) in March 2003, announced the revocation of the operating license of Peak Merchant Bank Limited following alleged overbearing influence of the chairman who was also a major shareholder in the bank.

The liquidated institution reportedly suffered from persistent illiquidity, poor asset quality, significant insider abuses and poor track record of profitability.

However, the process of liquidation was delayed by litigation from aggrieved shareholders.