The Nigeria Deposit Insurance Corporation (NDIC), in exercise of its statutory function as Liquidator of failed banks, has taken measures to ensure the realization of assets of closed banks for the benefit of depositors and other creditors whose funds were trapped in such banks. In this regard, the Corporation is advertising the divestment of the interest of Liberty Bank (in liquidation) in LMB Stockbrokers Limited by offering the subsidiary company for sale as a going concern.
Please note that only registered companies/persons approved by The Nigerian Stock Exchange (NSE) shall be eligible for consideration to acquire the closed bank’s equity interest in the stockbroking firm. Interested Investors are to also note the following guidelines:
A signed Confidentiality Agreement with the NDIC shall be a pre-requisite for conducting due diligence on the company.
The winning bid shall be determined based on the highest price which shall be paid not later than thirty (30) days after notification to the successful bidder as approved by the Management of the NDIC.
Where there is a tie bid, another round of bidding session will be conducted for the bidders that tie to determine the winner.
Bidders are required to deposit 10% of their bid price with bank drafts payable to ‘Liberty Bank (in liquidation)’ to demonstrate good faith. Each bid, accompanied with the deposit, must be received on or before the closing date for submission of bids.
The successful bidder will be required to pay the balance of the accepted bid amount within thirty (30) days from the date of notification. Failure to pay within thirty (30) days shall result in the forfeiture of the 10% deposit paid.
The unsuccessful bidders will have their deposits returned within fifteen (15) working days of the close of bids.
Failure of the successful bidder to consummate the transaction within the stipulated time shall lead to forfeiture of the offer. A subsequent offer shall be made to the 2nd highest bidder [i.e. the reserve bidder]. The reserve bidder shall only be considered if the amount offered is not below the reserve price.
The Firm is being sold as a going concern and on “as is“ basis.
DUE DILIGENCE SURVEY
The Company, LMB Stockbrokers Ltd, is located at No. 5, Idowu Taylor Street, Okoi Arikpo House, Victoria Island Lagos. Interested persons may conduct due diligence on the Company during working days only from September 9, 2013 to September 20, 2013.
SUBMISSION OF BIDS
Sealed bids should be submitted to: The Director, Asset Management Department, Nigeria Deposit Insurance Corporation, 25th floor, NECOM House, 15, Marina, Lagos not later than 4:00p.m. on Monday September 23, 2013. Bids submitted after Monday September 23, 2013 will not be considered.
OPENING AND ANALYSIS OF BIDS
Bids will be opened at 11.00 am prompt on Tuesday, September 24, 2013 at the office of the LMB Stockbrokers Ltd located at No: 5 Idowu Taylor Street, Okoi Arikpo House, Victoria Island, Lagos. Bidders are required to attend the bid-opening session as scheduled.
The successful bidder will be formally informed within two (2) weeks from the date the bids are opened.
All enquiries regarding this advertisement should be directed to:
Asset Management Department,
Nigeria Deposit Insurance Corporation,
25th Floor, NECOM Building,
Tel. 01-2130249; 01-2136786; 08023233067; 08033043240.
Nigeria Deposit Insurance Corporation