NDIC opens bidding for assets of three failed lenders

The Nigeria Deposit Insurance Corporation (NDIC) has invited members of the public to bid for furniture, office equipment, motor vehicles and other assets belonging to failed banks, including Heritage Bank, Union Homes Savings and Loans, and Resort Savings and Loans.

The corporation will sell the assets through a public, competitive sealed-bid auction scheduled for November 3 and 4, 2026, as it continues efforts to liquidate the assets of failed financial institutions.

In a public notice, the NDIC said the auction would cover furniture, fixtures, fittings, generators, office equipment, plant and machinery, motor vehicles and other assets belonging to the defunct lenders.

The exercise will take place at four locations across Lagos, Taraba and Adamawa states, with appointed auctioneers overseeing the sale on behalf of the corporation.

Heritage Bank’s assets will be auctioned at the NDIC warehouse in Oregun, Ikeja, Lagos, through Dawun Integrated Services. Union Homes Savings and Loans’ assets will be sold at 153 Ikorodu Road, Onipanu, Lagos, through Olaide Bello & Associates.

Two locations have been listed for Resort Savings and Loans. These are 126 Palace Way, Jalingo, Taraba State, where Alao & Co will conduct the auction, and Jimeta Modern Market, Yola, Adamawa State, where Kene Onuora Consulting will oversee the exercise.

Under the bidding conditions, prospective buyers must submit their offers in sealed envelopes accompanied by a certified bank draft representing 10 percent of the bid price. The draft must be made payable to the respective bank in liquidation.

Bidders are also required to write “BID FOR ASSETS” on the top-left corner of their envelopes and include their names, addresses, and telephone numbers.

The NDIC said successful bidders must pay the outstanding balance within 24 hours of winning the auction, while the 10 percent deposits submitted by unsuccessful bidders will be returned immediately.

Bids must be submitted to the appointed auctioneers or designated NDIC contact persons within the stipulated period. The submitted offers will be opened in the presence of bidders at the respective auction locations.

The corporation also stated that the assets would be sold on an “as is” basis and net of all taxes, placing the responsibility on prospective buyers to assess the condition of the items before bidding.

Successful purchasers must evacuate all acquired assets within 24 hours of purchase.

The NDIC further disclosed that financial institutions would receive preference in the bidding process, although the notice did not specify the criteria for applying that preference.

The corporation, which serves as the liquidator of failed insured financial institutions, is responsible for realising their assets as part of the liquidation process.