The Nigeria Deposit Insurance Corporation, NDIC, has announced a two-day public auction for the physical assets of three banks in liquidation. The exercise, scheduled for November 3-4, 2026, is part of the Corporation’s statutory mandate as liquidator to realise value from defunct financial institutions and apply proceeds to the settlement of outstanding liquidation obligations.
The banks affected are Union Homes Savings & Loans, Heritage Bank, and Resort Savings & Loans. According to the notice published by the NDIC, the assets on offer include furniture, fixtures and fittings, office equipment, generators, motor vehicles, plant and machinery, and other chattels. The sale will be conducted through a competitive sealed-bid process across four designated locations in three states.
Locations and Appointed Auctioneers
In Lagos, two centres have been designated. Assets of Union Homes Savings & Loans will be auctioned at 153, Ikorodu Road, Onipanu, Lagos, with Olaide Bello & Associates as the appointed auctioneer. The firm can be reached on 08039150466. Assets of Heritage Bank will be auctioned at the NDIC Warehouse, Oregun, Ikeja, Lagos, handled by Dawun Integrated Services.
For Resort Savings & Loans, the auction will take place in two northern locations. In Taraba State, the centre is 126, Palace Way, Jalingo, to be handled by Alao & Co on 08062512654. In Adamawa State, the centre is Jimeta Modern Market, Yola, to be handled by Kene Onuora Consulting on 08033142284.
The NDIC said all locations will be coordinated by its Asset Management Department, with Garba (08062616662), John (08029997846) and Aliyu (08062657895) as contact persons.
Auction Conditions and Bid Requirements
The NDIC outlined strict conditions for participation. All bids must be submitted in a sealed envelope with the inscription “BID FOR ASSETS” at the top-left corner. Each bid must contain the bidder’s name, address and telephone number and must be accompanied by a certified bank draft of 10% of the bid price, payable to the respective bank in liquidation.
Bids will be opened in the presence of bidders at the designated locations. Successful bidders are required to pay the outstanding balance within 24 hours of being declared winner, while deposits from unsuccessful bidders will be returned immediately. The Corporation added that all assets will be sold on an “as is” basis and net of applicable taxes. Successful purchasers must evacuate all acquired items within 24 hours of purchase.
In line with its financial inclusion mandate, the NDIC stated that financial institutions willing to pay the highest auctioned price will be given preference.
Purpose and Investor Advisory
The auction forms part of NDIC’s broader asset realisation strategy. Since the revocation of Heritage Bank’s licence in June 2024 and the earlier closure of Union Homes and Resort Savings & Loans, the Corporation has reimbursed insured depositors up to N5 million for Heritage Bank and up to N2 million for the mortgage banks. Proceeds from this auction and other recoveries are expected to fund liquidation dividends for uninsured depositors with balances above the insured limits and for other creditors.
Prospective buyers are advised to physically inspect the assets at the designated locations, assess their condition, and factor in costs of removal, transportation and taxes before bidding, given the tight 24-hour payment and evacuation window and the as-is nature of the sale.
