NDIC Offers Heritage Bank’s Head Office, Other Assets For Sale

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In furtherance of its liquidation mandate, the Nigeria Deposit Insurance Corporation (NDIC)  has offered  the head office the failed Heritage Bank in Lagos, its branches nationwide and other assets for sale to potential buyers.

The corporation made public its intention to sell the defunct bank properties, totalling 48 and its other assets including vehicles, office equipment, plant, and machinery in 62 locations nationwide in an advertorial published on Thursday in some national newspapers.

The advert reads in part: “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.”

According to the publication, the defunct bank’s head office and its annex located at 143 Ahmadu Bello Way and 130 Ahmadu Bello Way, Victoria Island, Lagos was listed for sale (buildings, chattels, generator, and motor vehicles).

Also listed for sale were Heritage Bank’s six other branches in Lagos, four branches in Abuja, four branches in Rivers States, and the others branches located in other cities in the country.

The NDIC advised interested buyers to come for an inspection and subsequently put in bids on the assets to be submitted to the NDIC office in Lagos.

The Liquidator stated that bids were expected to come in with 10% of the bid amount in certified bank draft and that successful bidders would be required to pay the balance of the bid price within two weeks of notification.

It would be recalled that following the revocation of the failed bank by the Central Bank of Nigeria a few days ago and the announcement of the NDIC as the liquidator, the corporation announced the commencement of the verification and payment of the depositors of the bank with N5m or less in their accounts.

Announcing the revocation of Heritage Bank’s licence, the Acting Director of Corporate Communication of the apex bank, Mrs. Hakama Sidi Ali, stated: “This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the licence the next necessary step”, she added,

The Managing Director of the corporation, Hassan Bello, had at a media chat on the liquidation of failed bank in Abuja last Wednesday, said the depositors stood at 2.3 million as of the date of the revocation of its licence by the apex bank while the total bank deposits stood at N650 billion and its loan portfolio was about N700bn


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