NDIC Announces Sale of Heritage Bank Assets

The Nigeria Deposit Insurance Corporation (NDIC) has officially announced the commencement of the sale of landed properties belonging to Heritage Bank, with the auction set to begin on December 4, 2024. This move is part of the NDIC's efforts to recover funds for uninsured depositors following the revocation of Heritage Bank's license in June 2024 due to severe financial challenges.

Purpose and Legal Framework

According to Bashir Nuhu, the NDIC's Director of Communication, this sale is conducted under the corporation's statutory authority as liquidators, as outlined in Section 62(1)(d) of the NDIC Act, 2023. The liquidation process aims not only to recover assets but also to ensure that depositors who are not covered by insurance receive some compensation.

Auction Details

The auction will feature competitive bidding for properties located across 36 different sites throughout Nigeria. Both corporate entities and individual bidders are encouraged to participate. To ensure a fair bidding process, interested parties must submit sealed bids at designated NDIC offices, along with a bid security deposit amounting to 10% of their offered price.

Transparency and Fairness

The NDIC is committed to maintaining transparency and fairness throughout the auction process. Bidders will have opportunities to inspect the properties prior to placing their bids, allowing them to make informed decisions. The corporation intends to prioritize bids from financial institutions that offer the highest amounts, which will help sustain financial services in regions previously served by Heritage Bank.

Conclusion

This auction marks a significant step in the NDIC's ongoing efforts to manage the liquidation of Heritage Bank effectively and provide dividends to affected claimants. By facilitating this sale, the NDIC aims to maximize asset recovery while ensuring that impacted depositors receive due compensation in a timely manner.

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