• Latest
  • Trending
JUST IN: NDIC begins Sale of Heritage Bank assets

JUST IN: NDIC begins Sale of Heritage Bank assets

BREAKING: Tinubu Lifts Rivers Emergency Rule

BREAKING: Tinubu Lifts Rivers Emergency Rule

BREAKING: FG Issues Fresh Flood Alert for Lagos and 13 States

FG Issues Fresh Flood Alert for Lagos and 13 other States

DSS Gives X 24 Hours to Delete Sowore’s Post calling Tinubu ‘Criminal’

DSS drags Sowore, X and Facebook to Court over Tinubu ‘Criminal’ Post

Akwa Ibom declares Two Doctors Wanted for Abdicating

Akwa Ibom declares Two Doctors Wanted for Abdicating

Galadima warns FG Against Plans to Appoint Retired Judge as INEC Chairman, says ‘There’ll be Civil War’

Galadima warns FG Against Plans to Appoint Retired Judge as INEC Chairman, says ‘There’ll be Civil War’

Tinubu, Fubara Rush Home as Rivers Prepares for Power Shift

Tinubu, Fubara Rush Home as Rivers Prepares for Power Shift

HURIWA Demands Death Penalty as Kidnapping Crisis Escalates

HURIWA Demands Death Penalty as Kidnapping Crisis Escalates

Wednesday, September 17, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Business News

JUST IN: NDIC begins Sale of Heritage Bank assets

by iDeemlawful
November 11, 2024
in Business News
A A
0
JUST IN: NDIC begins Sale of Heritage Bank assets

The Nigeria Deposit Insurance Corporation (NDIC) has launched a national auction of landed properties and physical assets belonging to the defunct Heritage Bank, marking a critical step towards settling liquidation dividends owed uninsured depositors.

In a statement released this morning Monday, NDIC’s Director of Communications, Bashir Nuhu, confirmed the commencement of the sales process in line with the corporation’s mandate under section 62 (1)(d) of the NDIC Act, 2023.

The Central Bank of Nigeria (CBN) on 3 June announced the revocation of the bank’s licence.

CBN said Heritage Bank violated section 12 of the Banks and Other Financial Act, the CBN as it could not improve its financial performance, “a situation which constitutes a threat to financial stability”.

SeeThese

CBN opens up on Introducing New N5000, N10000 Notes

CBN ordered to suspend increase in ATM Transaction Charges

CBN dragged to Court over ATM fee hike

The NDIC, acting as the liquidator of Heritage Bank, will oversee the sale across 36 locations from 4 December.

“The sale of landed 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. 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,” it said.

It said prospective buyers, including financial institutions, corporate bodies, and private individuals, are invited to participate in a competitive bidding process aimed at ensuring transparency and maximising the recovery value from these assets.

According to the statement, the sale extends to both the landed properties and chattels of Heritage Bank, with assets available for inspection before auction.

To promote financial inclusion, the NDIC will give preference to financial institutions willing to acquire properties and maintain operations at these sites, a move intended to sustain local access to financial services in areas previously served by the bank.

“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,” it said.

All participants are required to submit a 10 per cent bid security of their offered value, which must be deposited at designated NDIC offices in key locations, including Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.

Mr Nuhu emphasised the corporation’s commitment to upholding transparency, equity, and accountability throughout the auction.

He noted that this process aims to secure a fair return for depositors by achieving the highest possible sale values for Heritage Bank’s assets, advancing NDIC’s mandate to protect depositors and ensure financial stability.

The corporation began paying insured deposits of up to N5 million per depositor within four days of the bank’s closure, using Bank Verification Numbers (BVN) to locate alternative accounts.

As of August, the NDIC said it has since reimbursed about 82.36 per cent of the total insured deposit to date.

It said the remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits (PND) instructions or have no BVN.

Others are those with no alternative accounts in other banks or accounts with a KYC limit on the maximum lodgment per day and are yet to come forward for verification.

Depositors with balances above N5 million received the insured amount, while the corporation promised to pay the remaining uninsured balances as liquidation dividends once the bank’s assets are recovered and debts settled.

Whether you turn to Premium Times for daily updates, in-depth investigations into pressing national issues, or entertaining trending stories, we value your readership.

It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.

Would you consider supporting us with a modest contribution on a monthly basis to help maintain our commitment to free, accessible

Tags: CBN PoliciesHERITAGE BANKNDIC
Share201Tweet126SendShare
Previous Post

NLC issues New Ultimatum to State Governments to Implement Minimum Wage

Next Post

Nigerian government moves to reduce ‘Ponmo’ intake with Leather Factories

iDeemlawful

iDeemlawful

Next Read

NUPENG warns Nigerians over Dangote Refinery Free Fuel Plan, says ‘It’s Greek Gift’
Business News

NUPENG warns Nigerians over Dangote Refinery Free Fuel Plan, says ‘It’s Greek Gift’

...

Read moreDetails
Tinubu Govt Promises 24/7 Electricity Soon
Business News

Tinubu Govt Promises 24/7 Electricity Soon

...

Read moreDetails
Oracle’s Ellison Dethrones Elon Musk, Rakes In $101bn Overnight
Business News

Oracle’s Ellison Dethrones Elon Musk, Rakes In $101bn Overnight

...

Read moreDetails
TUC Threatens Nationwide Strike: Gives FG Ultimatum to Withraw 5% Fuel Tax
Business News

TUC Threatens Nationwide Strike: Gives FG Ultimatum to Withraw 5% Fuel Tax

...

Read moreDetails
NNPCL increases Petrol Price
Business News

Presidency Clears Air on Viral ‘5% Fuel Tax’ Report

...

Read moreDetails
Ebonyi Bans House and Land Agency
Business News

Ebonyi Bans House and Land Agency

...

Read moreDetails
FG Increases CNG Price by ₦150/SCM
Business News

FG Increases CNG Price by ₦150/SCM

...

Read moreDetails
SERAP Slams Tinubu, Demands Reversal of “Excessive” Passport Fees
Business News

SERAP Slams Tinubu, Demands Reversal of “Excessive” Passport Fees

...

Read moreDetails
Next Post
Nigerian government moves to reduce ‘Ponmo’ intake with Leather Factories

Nigerian government moves to reduce 'Ponmo' intake with Leather Factories

Magistrate Orders Arrest Of Ex-Judge For Allegedly Beating Bailiff At Residence

8 Nigerian Judges, Court Registrar Face Disciplinary Action after illegal release of Convict, Grant Suspect Bail, Others

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About Us
  • Advertise with Us
  • Editorial Policy

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.