NDIC Begins Sale Of Heritage Bank’s Landed Properties

In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank, the Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the sale of landed properties and chattels of the defunct bank.

The exercise is pursuant to the corporation’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023. It also comes after the exercise for the sales of physical assets of the defunct bank at its leased locations nationwide

According to a statement that was issued on Sunday night, 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, December 4, 2024.

The statement said 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.

In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.

However, corporate bodies and private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.

Furthermore, bidders will be given opportunity to inspect the properties and chattels across all locations prior to disposal.

All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the various centres of the Corporation.
Interested bidders are advised to submit their bids at any of the designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.