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NDIC Puts Up Heritage Bank’s Offices, Assets For Sale

The Nigeria Deposit Insurance Corporation, NDIC, has put up assets of Heritage Bank for sale.

The Central Bank of Nigeria, CBN, revoked the bank’s licence two weeks ago.

According to CBN’s Revocation Order signed by CBN governor, Olayemi Cardoso, Heritage Bank contravened Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 in five different ways.

“It has insufficient assets to meet its liabilities; conducted its business in an unsound manner; failed to comply with specific obligations imposed upon it under BOFIA, 2020 and the Central Bank of Nigeria Act as well as rules, regulation, guidelines, and directives made under both Acts; is critically undercapitalized with a capital adequacy ratio below the prudential minimum applicable to its license category; and its financial performance and condition constitute a threat to financial stability,” the order read.

However, the NDIC which took over the bank placed an advertorial on Thursday, June 13, 2024, in which it listed assets of the bank for sale.

The assets include vehicles, office equipment, plants, and machinery across the nation.

“The Nigeria Deposit Insurance Corporation in the exercise of its right as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding,” the advertorial read.

Interested parties were invited for inspection and subsequently put in bids on the assets to be submitted to the NDIC office in  Lagos.

Bids are expected to come in with 10 percent of the bid amount in Certified Bank Draft. 

Successful bidders will be required to pay the balance of the bid price within two weeks of notification.


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