The Nigeria Deposit Insurance Corporation (NDIC) has announced that it will commence the sale of Heritage Bank's assets on December 4.
This decision follows the Central Bank of Nigeria's (CBN) revocation of the bank's license on June 3 due to financial instability risks. Bashir Nuhu, NDIC’s director of communication and public affairs, confirmed that the sale will include landed properties and other assets of the now-defunct bank.
The sale 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 process will be carried out through a competitive bidding system across 36 locations nationwide, including major cities such as Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.
"We are committed to ensuring transparency, fair competition, and accountability in this auction," stated Nuhu.
This move aims to recover sufficient funds to pay liquidation dividends to uninsured depositors.
At the time of its license revocation, Heritage Bank held total deposits of N650 billion and a loan portfolio exceeding N700 billion, with 2.3 million depositors. Notably, 99% of these depositors had balances below N5 million, highlighting the widespread impact of the bank's closure.
The NDIC has emphasized that both corporate entities and private individuals are eligible to participate in the bidding process. Interested buyers will have the opportunity to inspect the available properties and chattels prior to the auction.
The sale will encompass 48 properties and various chattels, including vehicles, office equipment, and machinery located at 62 sites across Nigeria.
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