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NDIC Lists Heritage Bank’s Offices, Assets For Sale

Heritage Bank Liquidation: ASSBIFI Says Future of Members Hanging in Balance

The Nigeria Deposit Insurance Corporation (NDIC) has listed the offices of Heritage Bank across the country for sale.

The NDIC announced this in an advertorial published on Thursday, June 13, 2024.


Other assets of the bank listed for sale include vehicles, office equipment, plants, and machinery across Nigeria.

“The Nigeria Deposit Insurance Corporation, in the exercise of its right as liquidator of failed deposit money banks, hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct heritage banks through public competitive bidding,” the advertorial partly read.

Interested parties were invited to come for an inspection and subsequently put in bids on the assets to be submitted to the NDIC office in Lagos.

Bids are expected to come in with 10 percent of the bid amount in the Certified Bank Draft. Successful bidders will be required to pay the balance of the bid price within two weeks of notification.

The Star recalls that the Central Bank of Nigeria (CBN) revoked the license of Heritage Bank on Monday, June 3.

The CBN said the revocation was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

The apex bank stated that Heritage Bank’s operations constituted a threat to financial stability.

It, therefore, appointed the NDIC as the liquidator of the bank under Section 12 (2) of BOFIA, 2020.

The NDIC, last Monday that it had started the liquidation process of Heritage Bank, which involved the verification and payment of insured deposits to the bank depositors.

It noted that relevant laws necessitated immediate action to safeguard depositors’ funds.

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