The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to sell assets belonging to three failed banks: Heritage Bank, Union Homes Savings and Loans, and Resort Savings and Loans. The public auction will take place on November 3 and 4, 2026, across four locations in Lagos, Taraba and Adamawa states. Items for sale include furniture, office equipment, motor vehicles, generators, plant and machinery, and other property.
Heritage Bank's assets will be auctioned at the NDIC warehouse in Oregun, Ikeja, Lagos. Union Homes Savings and Loans' items will be sold at 153 Ikorodu Road, Onipanu, Lagos. Resort Savings and Loans has two auction sites: one in Jalingo, Taraba State, and another in Yola, Adamawa State. Different auctioneers have been appointed to oversee sales at each location.
Prospective buyers must submit sealed bids with a certified bank draft equal to 10 percent of their offer price. The NDIC said successful bidders will have 24 hours to pay the remaining balance, while unsuccessful bidders will get their deposits back immediately. All assets are being sold as is, and buyers must collect their purchases within 24 hours of winning. Financial institutions will receive preference in the bidding process, though the corporation did not specify how that preference would be applied.
The NDIC is liquidating the assets of these failed financial institutions as part of its role as receiver. This auction represents another step in realising the remaining property of the defunct banks.