What do you believe is the single most important factor driving up the cost of living in Nigeria?

The Deposit Protection Fund of Uganda (DPFU) has said it has opened a desk in Bank of Uganda to verify all depositors in financial institutions that were closed by government.

The move is part of a plan in which all depositors, who held Shs10m or less, in such banks will be paid.

Speaking during the Makerere University Business School 28th international management conference, Mr Patrick Ezaga Onen, the DPFU director of communications, said all depositors in closed banks, who have not been paid their money, should report to Bank of Uganda with valid identification documents to be verified for onward payment.

“We have Shs58b, which is the accumulated savings from depositors in banks that were first closed: Teefe, Greenland and Cooperative Bank. Bank of Uganda is handling these cases. For the banks, which we closed this year EFC and Mercantile, we have people we are looking for to pay but they are nowhere to be seen and we have their money,” he said.

The Shs58b, Mr Ezaga said is purely savings of depositors in the banks, which were closed first.

• Read More