By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Heritage Bank’s Head Office, Branches Up for Bids as NDIC Begins Liquidation Process
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

Heritage Bank’s Head Office, Branches Up for Bids as NDIC Begins Liquidation Process

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: June 13, 2024
Share
3 Min Read
Heritage Bank
Heritage Bank
SHARE

The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of the head office, branches, and other assets of the now-defunct Heritage Bank.

This marks a significant move in NDIC’s role as the liquidator of the collapsed bank.

In an advertorial published in Punch on Thursday, NDIC invited interested members of the public to engage in a competitive bidding process for Heritage Bank’s assets.

The properties and chattels are located across 62 locations nationwide, including prime real estate in major cities.

- Advertisement -

“The sale includes the bank’s head office at 143 Ahmadu Bello Way, its annex at 130 Ahmadu Bello Way in Victoria Island, Lagos, along with six other branches in Lagos, four in Abuja, four in Rivers State, and others across the country,” the notice detailed.

Prospective buyers are encouraged to inspect the assets and submit their bids, along with a 10% deposit of their bid amount in the form of a Certified Bank Draft.

The NDIC notice specifies that successful bidders will have two weeks from notification to pay the remaining balance of the bid price.

This liquidation move follows NDIC’s earlier announcement about the verification and payment process for depositors of Heritage Bank, focusing initially on those with deposits of N5 million or less, which constitute about 99% of the bank’s customer base.

- Advertisement -

Bello Hassan, Managing Director of NDIC, highlighted the bank’s dire financial straits at a press briefing in Abuja.

He revealed that Heritage Bank had a customer base of 2.3 million, with deposits totaling N650 billion against a loan portfolio of N700 billion.

The Central Bank of Nigeria (CBN) revoked Heritage Bank’s license, citing breaches of financial regulations and an inability to improve financial performance, which posed threats to financial stability.

The decision was described by the CBN as “necessary following unsuccessful efforts to stem the bank’s decline.”

The Bank Directors Association of Nigeria (BDAN) and other stakeholders have expressed support for the CBN’s decision, recognizing it as essential for the health of the banking sector.

In the wake of the bank’s collapse, the House of Representatives has called for an investigation into the management of Heritage Bank and a comprehensive review of NDIC’s operations to enhance its role as a deposit insurer and liquidator of failed banks.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Heritage BankNDIC
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Shehu Sani Shehu Sani Urges Tinubu to Pardon Detained #EndSARS Protesters
Next Article Blum Crypto Airdrop Project Surpasses 20 Million Users in Record Time

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 weeks ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

BREAKING: President Tinubu Endorses Four Major Tax Reform Bills
News Top stories
Lagos State Government
Lagos State Government Refutes Peter Obi’s Allegation of Property Demolition, Orders Probe
News
Oyo State Governor Seyi Makinde Renames Polytechnic Ibadan in Honour of Late Dr. Omololu Olunloyo
News
BREAKING: President Tinubu Withholds Assent to NDLEA Bill Over Proceeds Clause
News
BREAKING: High Court in Lafia Sentences Timileyin Ajayi to Death for Killing Corps Member
News
- Advertisement -
Ad imageAd image

You May Also Like

PoliticsTop stories

Barau Jibrin Pledges Unwavering Support for President Tinubu on 2027 Election Decisions

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
News

Ogun State Chief Judge Urges Lawyers to Prioritize Human Rights Over Tradition

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
Nigeria Police - file photo
Crime

Police Launch Manhunt After Female Farmer Found Dead in Ondo State

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?