NDIC puts Heritage Bank assets up for sale

Heritage Bank sign post Heritage Bank sign post

The Nigeria Deposit Insurance Corporation (NDIC) has listed Heritage Bank assets nationwide for sale.

In an advertorial in a newspaper publication on Thursday, NDIC announced the sale of 48 bank properties and chattel, including vehicles, office equipment, plant, and machinery, located in 62 different locations across the country.

“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,” NDIC said.

The head office of the bank and its annexe located at 143 Ahmadu Bello Way and 130 Ahmadu Bello Way, Victoria Island, Lagos, was listed for sale, including buildings, chattels, generator, and vehicle.


Others include six other branches in Lagos, four branches in Abuja, four in Rivers states, and across the country.

According to NDIC, interested parties are invited to come for an inspection of the assets and submit their bids at the corporation’s office in Lagos.

NDIC said bids must include 10 percent of the bid amount in a certified bank draft, and successful bidders must pay the remaining balance within two weeks of notification.


On June 3, the Central Bank of Nigeria (CBN) revoked the licence of Heritage Bank Plc with immediate effect.

The regulator, in a statement, said the action was necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.

CBN said the board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

Following the revocation. NDIC announced the commencement of the verification and payment to Heritage Bank depositors.


Bello Hassan, NDIC’s managing director, at a media briefing on June 5, promised to settle insured customers within one week, adding that the total bank deposits at Heritage Bank stand at N650 billion while its loan portfolio is above N700 billion.

Hassan said the bank’s total depositors are 2.3 million, with 99 percent of them having total balances of less than N5 million.

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