NDIC Begins Nationwide Auction Of Heritage Bank Assets

The Nigeria Deposit Insurance Corporation (NDIC) has started a nationwide auction of the properties and assets belonging to the now-defunct Heritage Bank.

This information was shared in a statement by Bashir Nuhu, the Director of Communication & Public Affairs at NDIC.

The NDIC, acting as the liquidator for Heritage Bank, will conduct the sale in 36 locations starting from December 4, 2024. “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,” the statement mentioned.

Potential buyers are expected to adhere to specific guidelines aimed at promoting transparency, fairness, equity, and accountability. This process is essential for recovering values that will go toward the payment of liquidation dividends to eligible claimants. “This is vital for the payment of liquidation dividends to eligible claimants,” the statement added.

The NDIC invited financial institutions, corporate organizations, and individuals to participate in the auction through a competitive bidding process. The assets up for sale include both real estate and physical property, and they are available for inspection before the auction begins.

Additionally, the NDIC noted that it would give priority to financial institutions interested in acquiring properties and maintaining operations at those sites. This effort is aimed at preserving access to banking services in areas previously served by Heritage Bank.

As of August, the NDIC reported that it had reimbursed about 82.36 percent of the total insured deposits. Depositors with balances over N5 million received the insured portion, and the NDIC promised to pay out the remaining uninsured balances as liquidation dividends once assets are sold and debts settled.

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