The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of assets belonging to Heritage Bank.

This follows the recent revocation of the bank’s licence by the Central Bank of Nigeria (CBN).

The CBN’s decision was outlined in a Revocation Order signed by CBN Governor, Olayemi Cardoso.

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The order cited Heritage Bank’s violations of Section 12(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 in five distinct areas:

1. Insufficient assets to meet liabilities.2. Conducting business in an unsound manner.3. Failure to comply with specific obligations under BOFIA, 2020, and the CBN Act.4. Critical undercapitalization, with a capital adequacy ratio below the prudential minimum for its licence category.5. Financial performance and condition posing a threat to financial stability.

In response, the NDIC has taken over the bank and placed an advertisement on June 13, 2024, listing Heritage Bank’s assets for sale. These assets include vehicles, office equipment, plant, and machinery located nationwide.

The NDIC’s advertisement states, “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.”

Prospective buyers are invited to inspect the assets and submit bids to the NDIC office in Lagos. Bids must include 10 per cent of the bid amount in a Certified Bank Draft. Successful bidders will be required to pay the remaining balance within two weeks of notification.


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