The Nigeria Deposit Insurance Corporation (NDIC) says the sale of Heritage Bank?s assets will begin on December 4, 2024.

This is according to a statement by NDIC?s Director of Communication and Public Affairs Bashir Nuhu.

He said the move Involve the landed properties of the firm and is in line with the NDIC?s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023.

?The sale of assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday 4th December 2024,? the NDIC said.

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

The NDIC said, ?In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.

?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.

?Furthermore, bidders will be given the opportunity to inspect the properties and chattels across all locations prior to disposal.

?Interested bidders are advised to submit their bids at various designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.?

The development came months after the Central Bank of Nigeria (CBN) revoked Heritage Bank Plc?s license with immediate.

In a statement on June 3, the CBN said the revocation was due to Heritage Bank?s failure to improve its financial performance which it said was a threat to financial stability.

In the wake of the revocation, the NDIC began verification and payment to depositors of the failed bank.

The corporation said it was going to settle insured customers within a week. It noted that the total deposits at Heritage Bank stood at ?650 billion while its loan portfolio was above ?700 billion.

According to the NDIC, Heritage Bank?s total depositors were 2.3 million out of which 99 percent of them had total balances of less than ?5 million. (Channels TV)

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