NDIC to auction defunct Heritage Bank’s landed assets

The Nigeria Deposit Insurance Corporation (NDIC) is to commence the auction of landed properties and chattels belonging to the defunct Heritage Bank, starting Wednesday, December 4, 2024.

The move is part of efforts to ensure the timely declaration of liquidation dividends for uninsured depositors of the failed bank.

Bashir Nuhu, NDIC’s director of communication and public affairs, who confirmed the planned action, said it aligned with the corporation’s statutory mandate as the liquidator of failed banks, as stipulated in Section 62(1)(d) of the NDIC Act, 2023.

He said: “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide. Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six selected locations of the corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday, December 4, 2024.

“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.”

The corporation, however, disclosed that it shall give preference to financial institutions that are willing to buy at the highest auctioned value, to allow for the continuation of the provision of banking services to the Nigerian public at the designated locations.

“This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities. However, corporate bodies and private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.

“Additionally, bidders will be given the opportunity to inspect the properties and chattels across all locations one week prior to the date of disposal. All interested parties are to make available 10 percent bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the corporation as contained in the published advertisements.

“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.”