NDIC Lists Heritage Bank Assets for Sale Nationwide Following License Revocation

The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of Heritage Bank’s assets nationwide following the revocation of the bank’s license by the Central Bank of Nigeria (CBN). The NDIC, acting as the liquidator for failed Deposit Money Banks (DMBs), published an advertorial detailing the sale of 48 bank properties and various chattels, including vehicles, office equipment, and machinery, across 62 locations.

Interested buyers and public competitive bidders are invited to inspect the assets and submit their bids to the NDIC’s office in Lagos. Each bid must be accompanied by a certified bank draft covering 10 percent of the bid amount. Successful bidders are required to pay the remaining balance within two weeks of notification. Major assets listed for sale include the bank’s head office and annex on Ahmadu Bello Way in Victoria Island, Lagos, along with branches in Lagos, Abuja, Rivers State, and other locations nationwide.

The sale aims to liquidate the assets of Heritage Bank efficiently and transparently, providing an opportunity for competitive bidding. The NDIC’s announcement underscores the importance of swift and orderly disposal of assets to recover value from the failed bank’s properties and chattels.

Source: Daily Trust