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Heritage Bank’s assets put up for sale

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The Nigeria Deposit Insurance Corporation (NDIC) has put up assets of Heritage Bank for sale

Recall the Central Bank of Nigeria (CBN) had revoked the bank’s licence two weeks ago.

According to CBN’s Revocation Order signed by CBN governor, Olayemi Cardoso, Heritage Bank contravened Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 in five different ways.

“It has 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 as well as rules, regulation, guidelines and directives made under both Acts; is critically undercapitalized with a capital adequacy ratio below the prudential minimum applicable to its license category; and its financial performance and condition constitute a threat to financial stability,” the order read.

Heritage Bank’s assets put up for sale

However, the NDIC which took over the bank placed an advertorial on Thursday, June 13, 2024, in which it listed assets of the bank for sale.

The assets include vehicles, office equipment, plant, and machinery across the nation.

“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,” the advertorial read.

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