NDIC failed banks’ asset sale to test bidders’financial capacity —Analysts

Prospective buyers of assets belonging to three failed financial institutions will need strong financial readiness, liquidity and the ability to meet strict payment and logistical deadlines, analysts at Proshare have said.

The Nigeria Deposit Insurance Corporation (NDIC) is scheduled to auction physical assets of Union Homes Savings & Loans, Heritage Bank and Resort Savings & Loans on November 3 and 4, 2026 as part of efforts to recover value during liquidation. The assets, located in Lagos, Taraba and Adamawa states, include furniture, office equipment, generators, motor vehicles, plant and machinery, fixtures and fittings.

Proshare described the exercise as a further step in the liquidation process, offering an opportunity to convert recoverable physical assets into cash. The amount ultimately recovered will depend on the condition of the assets, the level of interest from buyers and the prices achieved at auction.

The financial requirements are likely to limit participation to bidders with sufficient funds and the capacity to complete transactions quickly. “The requirement for a 10 per cent certified bank draft deposit and settlement within 24 hours places a premium on bidders’ financial readiness,” the analysts noted.

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The NDIC’s preference for financial institutions could also influence the level of competition.

Interested bidders must submit sealed envelopes marked “BID FOR ASSETS” containing their name, address, telephone number and a certified bank draft for 10 per cent of the bid price, payable to the relevant failed institution in liquidation. Successful bidders must settle the balance within 24 hours; deposits from unsuccessful bidders will be refunded immediately.

All assets will be sold on an “as is” basis and net of applicable taxes, placing the onus on buyers to assess condition and associated costs. Proshare advised prospective purchasers to inspect the assets beforehand and factor in expenses for removal, transportation and taxes. A 24-hour deadline for evacuating purchased items adds further logistical pressure.

Auction locations are as follows: Union Homes Savings & Loans: 153 Ikorodu Road, Onipanu, Lagos (handled by Olaide Bello & Associates).

Heritage Bank: NDIC warehouse, Oregun, Ikeja, Lagos (Dawun Integrated Services).

Resort Savings & Loans: 126 Palace Way, Jalingo, Taraba State (Alao & Co) and Jimeta Modern Market, Yola, Adamawa State (Kene Onuora Consulting).

Bids will be submitted to the designated auctioneers or NDIC contact persons and opened in the presence of bidders at the respective venues.

As liquidator, the NDIC is responsible for realising the assets to help meet outstanding liquidation obligations. Proshare said the success of the auction will ultimately be measured by the value recovered and the extent to which proceeds contribute to settling those obligations. Outcomes will depend not only on the volume of assets sold but also on the prices achieved relative to asset condition and recovery costs.