In an effort to expedite the payment of liquidation dividends to uninsured depositors of the failed Heritage Bank, the Nigeria Deposit Insurance Corporation (NDIC) has initiated the process of auctioning the bank’s landed properties and movable assets.
This sale aligns with NDIC’s powers as a liquidator under section 62 (1)(d) of the NDIC Act, 2023, and follows the recent sale of the bank’s assets located in leased spaces nationwide.
According to a statement released on Sunday evening, the competitive auction for Heritage Bank’s landed assets will begin on Wednesday, December 4, 2024, across 36 locations in Nigeria.
Prospective buyers are required to adhere to specific guidelines that promote transparency, fair competition, and accountability to maximize the recovery of asset values.
The funds generated will be allocated toward paying liquidation dividends to eligible claimants.
“Preference shall be given to financial institutions willing to purchase the properties at the highest auctioned price, alongside physical assets at wholesale value, to continue financial services in these locations,” the statement read, emphasizing the NDIC’s goal of bolstering financial inclusion across affected areas.
Nonetheless, private individuals and corporate entities are welcome to participate in the open auction process, with no restrictions on competition. Before the sale, all interested bidders will have the opportunity to inspect the properties and assets to be auctioned.
To participate, bidders must provide a 10% bid security of their sealed bid values, which should be submitted at NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.
