The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to auction assets of the defunct Heritage Bank, including landed properties and physical assets.

Bashir Nuhu, NDIC’s Director of Communication & Public Affairs, revealed this in a statement on Monday. He recalled that on June 3, the Central Bank of Nigeria revoked Heritage Bank’s license due to financial instability.

As Heritage Bank’s liquidator, the NDIC will conduct the sale across 36 locations beginning December 4. “The sale of landed assets will be through competitive bidding at each of the 36 affected locations nationwide, starting Wednesday, December 4, 2024,” the statement said.

Prospective buyers must follow guidelines designed to ensure transparency, fair competition, and accountability, enabling the NDIC to recover value to pay liquidation dividends to eligible claimants. The auction is open to financial institutions, corporate entities, and private individuals.

The sale includes Heritage Bank’s real estate and chattels, with assets available for inspection before the auction. The NDIC also aims to prioritize financial institutions that maintain operations at these sites to preserve local financial services for communities previously served by the bank.

As of August, the NDIC had reimbursed about 82.36% of insured deposits. Depositors with balances above N5 million received their insured amounts, while the remaining uninsured balances will be paid as liquidation dividends upon asset recovery and debt settlement.