The Nigeria Deposit Insurance Corporation has disclosed its intention to sell off properties and assets of the defunct Heritage Bank to recoup funds for uninsured depositors. This action is in line with its responsibility as the liquidator of failed banks under the NDIC Act, 2023. The sale will involve competitive bidding for properties and chattels at 36 sites nationwide. The NDIC aims to promptly distribute liquidation dividends to uninsured depositors. Financial institutions willing to purchase these assets will be given priority based on the highest auction prices, though all bidders, including corporate bodies and private individuals, will have an equal opportunity to participate. Prospective buyers can inspect the assets at their locations before submitting sealed bids with a 10% bid security deposit to designated NDIC offices in several cities. This initiative is part of NDIC’s ongoing efforts to maximize recovery from the liquidation of Heritage Bank.
NDIC plans auction of Heritage Bank assets to recover funds for depositors
