Business

NDIC plans auction of Heritage Bank

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The Nigeria Deposit Insurance Corporation (NDIC) has begun a nationwide auction of properties and assets previously owned by the defunct Heritage Bank.

Bashir Nuhu, NDIC’s Director of Communication and Public Affairs, announced on Monday that the auction, set to start on December 4, will cover 36 locations across the country.

Following the Central Bank of Nigeria’s revocation of Heritage Bank’s license on June 3 due to financial instability, NDIC is overseeing the sale as part of its role as liquidator while prospective buyers, including financial institutions, corporations, and private individuals, are invited to participate through a competitive bidding process designed for transparency and fairness.

The auction includes Heritage Bank’s properties and chattels, available for inspection before sale as NDIC is prioritizing financial institutions interested in maintaining operations at these sites to support continued local access to banking services.

As of August, NDIC has reimbursed around 82.36 percent of insured deposits to former Heritage Bank depositors, with those holding balances above N5 million receiving insured amounts while Uninsured balances will be paid as liquidation dividends once the bank’s assets are recovered and obligations settled.

Written by: bossgmsi

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