NDIC Launches Auction of Heritage Bank Assets
By Fly Cable News
The Nigeria Deposit Insurance Corporation (NDIC) has officially begun the sale of assets belonging to the defunct Heritage Bank, including landed properties and physical assets.
Bashir Nuhu, Director of Communication & Public Affairs at NDIC, confirmed this in a statement issued on Monday.
The move follows the Central Bank of Nigeria’s revocation of Heritage Bank’s operating license on June 3, citing its weak financial stability. As the appointed liquidator, the NDIC will oversee the sale of the bank’s assets, which will be conducted across 36 locations starting December 4, 2024.
The sale will be carried out through competitive bidding, and the assets will be available for inspection prior to the auction. Buyers—including financial institutions, corporations, and individuals—are invited to participate, with the NDIC ensuring that the process remains transparent, fair, and accountable to enable the recovery of adequate value for the liquidation.
“This sale is critical for the payment of liquidation dividends to eligible claimants,” the statement noted.
Additionally, the NDIC indicated that it will prioritize financial institutions interested in acquiring these properties and maintaining operations at the affected sites. This approach aims to preserve local access to banking services in areas previously served by Heritage Bank.
As of August, the NDIC has reimbursed about 82.36% of insured deposits to claimants. Depositors with balances above N5 million received the insured amount, and the NDIC has promised to pay remaining uninsured balances as liquidation dividends once the bank’s assets are fully recovered and debts settled.
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