The Nigeria Deposit Insurance Corporation (NDIC) has put all assets owned by Heritage Bank up for sale following the revocation of its license by the Central Bank of Nigeria (CBN).
The bank's license was revoked due to its failure to comply with Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 in five critical areas.
According to the CBN, Heritage Bank had insufficient assets to meet its liabilities, conducted its business in an unsound manner, failed to comply with specific obligations imposed upon it under BOFIA, 2020 and the Central Bank of Nigeria Act, and was critically undercapitalized with a capital adequacy ratio below the prudential minimum applicable to its license category.
The bank's financial performance and condition were also deemed a threat to financial stability.
Following the license revocation, the NDIC placed an advertorial on Thursday, June 13, 2024, listing the assets of the bank for sale. The assets include vehicles, office equipment, plants, and machinery across the nation.
Interested parties were invited for inspection and subsequently asked to submit bids on the assets to the NDIC office in Lagos.
The asset sale advert read, "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."
