The Nigeria Deposit Insurance Corporation has commenced the sale of Heritage Bank’s assets following the Central Bank of Nigeria’s license revocation on June 3, 2024, due to weak financial stability.

The sale includes landed properties and physical assets across 36 locations, starting December 4, 2024. Prospective buyers include financial institutions, corporate bodies and private individuals participating in a competitive bidding process.

To ensure transparency and fairness, the NDIC has established guidelines for potential buyers. Financial institutions maintaining operations at acquired sites will receive preference.

As of August, the NDIC reimbursed 82.36% of insured deposits. Depositors with balances above N5 million received compensation, while remaining balances will be paid once assets are recovered and debts settled.