All assets owned by Heritage Bank have been put up for sale by the Nigeria Deposit Insurance Corporation (NDIC) after its license was revoked by the Central Bank of Nigeria.

It had earlier been stated that Heritage Bank contravened Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 in five different ways. The CBN had said the bank had “insufficient assets to meet its liabilities; conducted its business in an unsound manner; failed to comply with specific obligations imposed upon it under BOFIA, 2020 and the Central Bank of Nigeria Act as well as rules, regulation, guidelines and directives made under both Acts; is critically undercapitalized with a capital adequacy ratio below the prudential minimum applicable to its license category; and its financial performance and condition constitute a threat to financial stability.”

Following the license revocation, the NDIC placed an advertorial on Thursday, June 13, 2024, listing assets of the bank for sale. The assets include vehicles, office equipment, plants, and machinery across the nation.

Interested parties were invited for inspection and subsequently put in bids on the assets to be submitted to the NDIC office in Lagos.

The asset sale advert read; “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.”