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NDIC to auction defunct Heritage bank’s property, assets

Onwubuke Melvin
Onwubuke Melvin

The Nigeria Deposit Insurance Corporation is set to begin the auction of landed properties and chattels belonging to the defunct Heritage Bank on Wednesday, December 4, 2024.

This initiative is part of the corporation’s efforts to facilitate the timely declaration of liquidation dividends for uninsured depositors of the failed bank.

In a statement released on Sunday and signed by Bashir A. Nuhu, NDIC’s Director of Communication and Public Affairs, the auction is in line with the corporation’s legal responsibilities as the liquidator of failed banks, as mandated by Section 62(1)(d) of the NDIC Act, 2023.

The statement read: “To ensure the timely declaration of liquidation dividends to uninsured depositors of Heritage Bank (In-Liquidation), the NDIC has initiated the auction of the bank’s landed properties and other physical assets. This exercise follows the corporation’s statutory role as the liquidator of failed banks, as outlined in Section 62(1)(d) of the NDIC Act, 2023.”

The auction will cover assets from the 36 branches of Heritage Bank that are now in liquidation and will take place at six selected locations across the country: Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.

The NDIC has introduced a competitive sealed-bid process to ensure transparency in the auction. Financial institutions, corporate entities, and private individuals are all encouraged to participate in the bidding process.

However, the NDIC has emphasized that financial institutions that are willing to purchase the assets at the highest bid values will be given preference. This preference aims to support the continuation of banking services at the affected locations, further promoting financial inclusion in the affected regions.

The statement added: Preference will be given to financial institutions that bid the highest value for the assets, as this would help ensure the continued provision of banking services at these locations, in line with the goals of financial inclusion. Nevertheless, corporate bodies and private individuals are welcome to participate in the bidding process on an equal footing.”

Interested bidders can inspect the assets a week before the auction. They will be required to submit a 10% bid security of their proposed bid value at designated NDIC offices. The proceeds from the auction will be used to enhance the payment of liquidation dividends to eligible depositors.

The NDIC has assured that the auction process will be conducted in full compliance with principles of fairness and accountability to maximize the recovery value for the liquidation process.

Earlier this year, in June 2024, the Central Bank of Nigeria (CBN) revoked the banking license of Heritage Bank due to the bank’s persistent financial instability and non-compliance with regulatory requirements. The CBN’s action followed the bank’s failure to meet certain regulatory standards outlined under Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Despite multiple interventions from the CBN to stabilize the bank’s financial performance, Heritage Bank was unable to recover, ultimately leading to the revocation of its banking license. The CBN’s decision underscores its commitment to maintaining the stability of Nigeria’s financial system.

Since the revocation, the NDIC has successfully paid over 82.36% of the insured deposits to the bank’s customers, and the liquidation process continues to ensure full compensation for depositors.


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