Abuja, Nigeria — June 13, 2024 — The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of the offices and assets of the defunct Heritage Bank. This sale includes vehicles, office equipment, and plant and machinery located nationwide.
The NDIC, acting in its capacity as the liquidator of failed deposit money banks, has invited interested members of the public to participate in a public competitive bidding process to acquire these assets. This move follows the liquidation of Heritage Bank, a process that has seen the NDIC take control of its assets and operations.
In a statement, the NDIC said, “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 Bank through public competitive bidding.”
The liquidation process aims to recover funds for creditors and depositors affected by the bank’s failure. The assets available for purchase are expected to attract significant interest from businesses and individuals looking to acquire quality equipment and property at competitive prices.
Heritage Bank, once a prominent player in the Nigerian banking sector, had struggled with financial instability, leading to its eventual collapse and the subsequent intervention by the NDIC. The sale of its assets marks a significant step in the liquidation process, providing an opportunity for the NDIC to recoup some of the losses incurred and redistribute value to stakeholders.
Potential buyers are encouraged to review the assets and participate in the bidding process, which promises transparency and competitive pricing. The NDIC has assured all participants of a fair and open process, designed to achieve the best possible outcomes for all parties involved.
This development underscores the critical role of the NDIC in managing the aftermath of bank failures and protecting the interests of depositors and creditors. It also highlights the ongoing challenges in the Nigerian banking sector, where regulatory oversight and intervention remain essential to maintaining stability and trust.
