The Nigeria Deposit Insurance Corporation (NDIC) is selling the head office and branches of the closed Heritage Bank. This announcement was made on Thursday as part of NDIC’s role in handling the bank’s closure.
The NDIC is offering 48 properties for sale, along with items like vehicles, office equipment, and machinery in 62 locations across the country. The head office at 143 and 130 Ahmadu Bello Way, Victoria Island, Lagos, is included, along with six other branches in Lagos, four in Abuja, four in Rivers State, and more spread across Nigeria.
People interested in buying these properties can visit for inspections and submit their bids to the NDIC office in Lagos. Bids must include 10 percent of the offer in a Certified Bank Draft. Successful bidders will need to pay the rest of the amount within two weeks of notification.
At the same time, the NDIC has started verifying and paying depositors who had N5 million or less in their accounts, making up about 99 percent of the bank’s customers. NDIC Managing Director Bello Hassan said Heritage Bank had 2.3 million depositors with total deposits of N650 billion and loans of about N700 billion.
The Central Bank of Nigeria (CBN) revoked Heritage Bank’s license due to financial instability and legal breaches. This decision was made after many efforts to fix the bank’s problems failed, threatening overall financial stability.
Experts and stakeholders support the CBN’s decision. Mustapha Chike-Obi, Chairman of the Bank Directors Association of Nigeria, said the association trusts the CBN’s judgment and believes the decision was well-considered.
The House of Representatives has asked the CBN to investigate the management of Heritage Bank for possible mismanagement. This request was made by Uchenna Okonkwo, representing Idemili North/Idemili South Federal Constituency of Anambra State. The House also asked the NDIC to review its effectiveness in handling failed banks.
Victoria Ibiama
