By Ossom Raphael

The Nigeria Deposit Insurance Corporation (NDIC), has commenced process for the auction of landed properties and chattels of the failed Heritage bank.

This is in a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Bank.

This exercise, according to a statement by NDIC spokesperson Mr. Bashir Nubu, is in line with the NDIC Act of 2023, as the liquidator of failed banks.

It said this is another follow up action sequel to disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide.

NDIC further said Financial institutions, corporate bodies, and private individuals can participate, with preference given to banks offering the highest bid to support continued banking services.

“Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids schedule to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December, 2024.

“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

“The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value in order to allow for continuation of provision of banking services to the Nigerian public at the designated locations.

“This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders,” the statement said.

NDIC also said all interested Bidders must submit a 10% bid security and will be given opportunity to inspect the properties a week before the auction.

It said: “Furthermore, bidders will be given opportunity to inspect the properties and chattels across all locations one week prior to date of disposal.

“All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six location of the Corporation as contained in the published advertisements.

“All interested bidders are advised to submitt their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.”