The Nigeria Deposit Insurance Corporation, NDIC, has commenced a national auction of landed properties and physical assets belonging to the defunct Heritage Bank.

Bashir Nuhu, Director of Communication & Public Affairs at NDIC, disclosed this in a statement on Monday.

The Central Bank of Nigeria had on June 3, revoked the license of Heritage Bank over weak financial stability.

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,” the statement read.

It also said that prospective buyers, including financial institutions, corporate bodies, and private individuals, are invited to participate in a competitive bidding process.

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

Furthermore, 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.

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

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.