NDIC Kicks Off Auction of Heritage Bank Assets

The Nigeria Deposit Insurance Corporation (NDIC) has officially launched the auction of assets from the defunct Heritage Bank, including valuable landed properties and other physical assets. This step follows the Central Bank of Nigeria’s decision to revoke the bank’s operating license in June due to its financial instability.

Bashir Nuhu, Director of Communication & Public Affairs at NDIC, confirmed the news on Monday, announcing that the auction will begin on December 4, 2024, with 36 locations involved. The sale will be conducted through a competitive bidding process, with assets available for inspection before the auction.

The NDIC, acting as the appointed liquidator, aims to recover as much value as possible from the sale. The assets are open to a wide range of potential buyers, including financial institutions, corporations, and individuals. The goal is to ensure that the process remains transparent, fair, and accountable. This initiative is a key part of the liquidation process and will contribute to the payment of dividends to eligible claimants.

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The NDIC also plans to prioritize financial institutions interested in acquiring properties that would enable continued banking services in the areas once served by Heritage Bank. This approach is intended to minimize disruption to local communities.

As of August, the NDIC has reimbursed over 82% of insured deposits to claimants, with those holding balances exceeding N5 million having already received the insured amount. Uninsured balances will be paid out as liquidation dividends once all assets are sold and debts are settled.