NDIC sets December 4 date for sale of Heritage Bank’s assets 

The Nigeria Deposit Insurance Corporation (NDIC) has announced that the sale of Heritage Bank’s assets will commence on December 4, 2024.

Bashir Nuhu, NDIC’s director of communication and public affairs, confirmed in a statement that the sale includes landed properties belonging to the now-defunct bank.

The liquidation effort, Nuhu explained, is part of NDIC’s statutory role as the official liquidator of failed banks, conducted under Section 62 (1)(d) of the NDIC Act, 2023.

The asset sale will take place through a competitive bidding process across 36 Heritage Bank locations nationwide, with submissions accepted at designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.

NDIC emphasized the importance of transparency, fair competition, and accountability in the auction, aiming to recover sufficient funds to pay liquidation dividends to uninsured depositors.

Additionally, priority will be given to financial institutions interested in purchasing entire properties and physical assets, aligning with NDIC’s commitment to maintaining financial services in affected areas and supporting financial inclusion.

Nuhu stated that both corporate entities and private individuals are eligible to participate in the bidding process. Interested buyers will be able to inspect the available properties and chattels across all locations prior to the auction.

This development follows the Central Bank of Nigeria’s (CBN) decision on June 3 to revoke Heritage Bank’s license, citing financial instability risks due to the bank’s poor financial performance. The NDIC subsequently began verification and payment processes for depositors, with NDIC Managing Director Bello Hassan committing to compensate insured depositors within one week. At the time of license revocation, Heritage Bank held total deposits of N650 billion, a loan portfolio exceeding N700 billion, and 2.3 million depositors, with 99% holding balances below N5 million.

The sale will encompass 48 properties and a range of chattels, including vehicles, office equipment, and machinery located at 62 sites across Nigeria. Interested parties can find additional details on the NDIC’s website, social media platforms, and in national newspaper.