The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of Heritage Bank’s assets which is to begin on December 4, 2024 following the revoking of the bank’s license.
This was made known on Monday in a statement by NDIC’s Director of Communication and Public Affairs Bashir Nuhu.
He said the move involves the landed properties of the firm and is in line with the NDIC’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023. According to the statement:
“The sale of 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.”
The NDIC also said, “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 the opportunity to inspect the properties and chattels across all locations prior to disposal.
“Interested bidders are advised to submit their bids at various designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.”
The Central Bank of Nigeria had revoked the operating license of Heritage Bank in June 2024. The reason according to the apex bank is the failure to improve its financial performance which it said was a threat to financial stability.
