NDIC Set to Begin Sale of Heritage Bank Assets on December 4: What You Need to Know

Heritage Bank Asset Sale by NDIC: Key Details for Potential Buyers Starting December 4

The Nigeria Deposit Insurance Corporation (NDIC) is set to begin the sale of Heritage Bank’s assets, specifically its landed properties, starting December 4, 2024.

This action is part of the liquidation process, with proceeds aimed at reimbursing uninsured depositors.

The sale will be conducted through a competitive bidding process across 36 locations where the bank had properties.

The auction will be open to both financial institutions and individuals, with an emphasis on transparency and fair competition. Interested buyers are required to submit bids along with a 10% bid security.

The NDIC is also working on recovering debts and liquidating other assets to ensure timely payment to claimants.