NDIC begins sales of Heritage Bank landed assets nationwide

The Nigeria Deposit Insurance Corporation (NDIC) has said it will commence process for the sale of landed properties and chattels of the failed Heritage Bank in a bid to ensure timely declaration of liquidation dividends to uninsured depositors.

According to the statement released by the Corporation on Sunday, while stated that the exercise is pursuant to the NDIC’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023.
The Corporation revealed that the sale of these landed assets will be by competitive bidding and take place at the 36 affected locations of the bank across the country, from Wednesday 4th December, 2024.

It said, “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.

Adding that this is vital for the payment of liquidation dividends to eligible claimants. 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.
The Corporation said 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, the Corporation stated further that corporate bodies, private individuals willing to compete are equally eligible to do so in the process without prejudice, as the auction shall be open and competitive to all bidders.

Furthermore, it said bidders will be given opportunity to inspect the properties and chattels across all locations prior to disposal.
“All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the various centres of the Corporation.

“Interested bidders are advised to submit their bids at any of the designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt”, the Corporation added.

Media Bypass News has reported that the Corporation said it has paid depositors to the tune of 5 million naira each after revocation of the banking license of the failed Bank by the Central Bank of Nigeria (CBN) this day June 3, 2024.