NDIC Begins Sale Of Heritage Bank Assets

The Nigeria Deposit Insurance Corporation (NDIC) has launched a national auction of landed properties and physical assets belonging to the defunct Heritage Bank, marking a critical step towards settling liquidation dividends owed uninsured depositors.

In a statement released Monday, NDIC’s Director of Communications, Bashir Nuhu, confirmed the commencement of the sales process in line with the corporation’s mandate under section 62 (1)(d) of the NDIC Act, 2023.

The Central Bank of Nigeria (CBN) on 3 June announced the revocation of the bank’s licence.

CBN said Heritage Bank violated section 12 of the Banks and Other Financial Act, the CBN as it could not improve its financial performance, “a situation which constitutes a threat to financial stability”.

The NDIC, acting as the liquidator of Heritage Bank, will oversee the sale across 36 locations from 4 December.

“The sale of landed assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday 4th December, 2024. Buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants,” it said.

It said prospective buyers, including financial institutions, corporate bodies, and private individuals, are invited to participate in a competitive bidding process aimed at ensuring transparency and maximising the recovery value from these assets.

According to the statement, the sale extends to both the landed properties and chattels of Heritage Bank, with assets available for inspection before auction.