NDIC to auction Heritage bank assets starting December 4

By Mariam Abeeb

The Nigeria Deposit Insurance Corporation (NDIC) has announced that it will begin the sale of assets belonging to the defunct Heritage Bank on December 4, 2024.
In a statement issued recently, NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, confirmed that the sale will include landed properties and other assets, in line with the corporation’s role as the liquidator of failed banks.
The auction will be conducted by competitive bidding at 36 locations across Nigeria where the bank operated, including offices in Abuja, Lagos, Kano, Port Harcourt, and other cities. Interested buyers are invited to submit their bids at designated NDIC offices in these cities.
“The sale is being conducted to facilitate the timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank,” Nuhu said. “This process is pursuant to the NDIC’s statutory powers as outlined in Section 62(1)(d) of the NDIC Act, 2023.”
The NDIC emphasized that the bidding process will be transparent and open to all, including corporate entities and private individuals. In order to encourage the continued provision of financial services in the affected locations, priority will be given to financial institutions offering the highest bids for the properties, as well as all physical assets at wholesale value.
Bidders will have the opportunity to inspect the properties before the auction.
The liquidation process follows the Central Bank of Nigeria’s (CBN) decision to revoke Heritage Bank’s operating license on June 3, 2024. The CBN stated that the bank’s poor financial performance posed a threat to the country’s financial stability.
The NDIC began verification and payment to depositors shortly after the bank’s closure. According to NDIC Managing Director Bello Hassan, the bank had a total of N650 billion in deposits and N700 billion in loans, with around 2.3 million depositors, the majority of whom held balances of less than N5 million.
The NDIC had previously announced the national listing of Heritage Bank’s assets, which include 48 properties and various other chattels such as vehicles, office equipment, and machinery.
For further details on the sale, the NDIC directed interested parties to consult its website, social media platforms, or public notices in newspapers.
Others include Idi Mukhtar Maiha, minister of livestock development; Yusuf Abdullahi Ata, minister of state for housing and urban development; and Suwaiba Said Ahmad, minister of state for education.