NDIC Auctions Heritage Bank’s Assets Following License Revocation
Abuja, Nigeria – February 20, 2025
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the auction of Heritage Bank’s assets following the revocation of its banking license by the Central Bank of Nigeria (CBN). This move comes as part of efforts to liquidate the bank’s assets and compensate affected depositors and creditors.
The NDIC, which was appointed as the liquidator, announced that the auction includes Heritage Bank’s physical properties, office equipment, and other valuable assets. The sale is aimed at recovering funds to settle outstanding obligations and ensure a smooth liquidation process.
Heritage Bank’s license was revoked by the CBN due to its inability to meet regulatory requirements and maintain financial stability. The bank had struggled with liquidity issues and non-performing loans in recent years, leading to the decision by the apex bank to withdraw its operational license.
A statement from the NDIC assured depositors that insured funds would be refunded in accordance with regulatory guidelines. It also encouraged creditors to submit claims for verification and possible reimbursement.
Financial analysts believe the auction will provide a measure of relief for stakeholders but emphasize the need for stricter banking regulations to prevent similar occurrences in the future.
More updates will follow as the auction progresses.
