The NDIC will begin auctioning Heritage Bank assets on December 4, 2024, following the bank’s licence revocation in June.
The sale aims to recover funds for liquidation dividends to eligible claimants.
The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of the auction of assets from the defunct Heritage Bank.
This follows the bank’s closure on June 3, 2024, after the Central Bank of Nigeria revoked its licence due to weak financial stability.
As a result, NDIC, acting as the bank’s liquidator, will begin the sale on December 4, 2024, spanning 36 locations across the country.
The auction will involve both the bank’s landed properties and physical assets.
In this regard, prospective buyers—including financial institutions, corporate bodies, and private individuals—are invited to participate.
To ensure transparency and fairness, the bidding process will be competitive, with strict guidelines in place.
Read Also: NDIC Initiates Assessment Of Heritage Bank’s Assets After Closure
Notably, NDIC has emphasised that the goal is to recover funds for depositors, especially those eligible for liquidation dividends.
Moreover, buyers will have the opportunity to inspect assets before the auction begins.
Additionally, to maintain access to banking services in areas once served by Heritage Bank, NDIC will prioritise financial institutions willing to acquire properties and continue operations.
By August, NDIC had reimbursed 82.36% of insured deposits, ensuring that those with balances below ₦5 million received their insured amount.
However, for depositors with larger balances, NDIC has pledged to pay the insured portion and offer further liquidation dividends once it settles all debts.
In conclusion, this sale plays a crucial role in stabilising the banking sector and ensuring that depositors receive the compensation they deserve.
