The dissolved Heritage Bank’s physical assets and landed properties are up for auction nationwide by the Nigeria Deposit Insurance Corporation, or NDIC.

This was revealed in a statement released on Monday by NDIC’s Director of Communication & Public Affairs, Bashir Nuhu.

As you may recall, Heritage Bank’s license was withdrawn by the Central Bank of Nigeria on June 3 due to its poor financial soundness.

As Heritage Bank’s liquidator, the NDIC will supervise the auction at 36 locations starting on December 4.

The 36 impacted bank branches nationwide will host the competitive bidding sale of landed assets starting on Wednesday, December 4, 2024.

“In order to recover commensurate values from the exercise, buyers who wish to participate in the auction are expected to adhere to established guidelines aimed at ensuring transparency, fair competition, equity, and accountability.”

According to the statement, “this is essential for the payment of liquidation dividends to eligible claimants.”

Additionally, it stated that a competitive bidding process is open to potential purchasers, including private persons, business entities, and financial institutions.

The announcement claims that Heritage Bank’s landed properties and chattels are up for sale, and that the assets can be inspected prior to the auction.

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In order to preserve local access to financial services in areas that the bank previously serviced, the NDIC will also give preference to financial institutions who are prepared to purchase properties and continue operations at these locations.

According to the NDIC, as of August, it had paid back roughly 82.36 percent of the entire protected deposit.

The corporation committed to pay the remaining uninsured amounts as liquidation dividends after the bank’s assets are recovered and debts are resolved, while depositors with balances exceeding N5 million received the insured amount.