The Nigeria Deposit Insurance Corporation has announced plans to sell off properties and assets belonging to the defunct Heritage Bank in a bid to recover funds for uninsured depositors.
This move, which the NDIC describes as crucial, is part of its statutory mandate as the liquidator of failed banks under Section 62(1)(d) of the NDIC Act, 2023.
The exercise, scheduled to begin on Wednesday, will involve competitive bidding for the bank’s landed properties and chattels located at 36 sites nationwide.
A statement from the NDIC on Sunday read, “In a bid to ensure the timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank, the Nigeria Deposit Insurance Corporation has commenced the process for the sale of landed properties and chattels of the defunct bank.
“The exercise is pursuant to the Corporation’s statutory powers as…