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 those banks.

In that regard, the Corporation is advertising for the divestment of the interest of Liberty Bank (in liquidation) in LMB Stockbrokers Limited by offering it for sale as a going concern.

Note that only registered Companies approved by The Nigerian Stock Exchange (NSE) shall be eligible for consideration for the acquisition of the closed bank’s equity interest in the stockbroking firm.

Interested Investors are to also note the following guidelines:
(i) Application for expression of interest to the Liquidator shall be accompanied by a signed “Confidentiality Agreement” being a pre-requisite for conducting due diligence.

(ii) 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 Corporation.
(iii) Where there is a tie bid, another round of bidding session will be conducted for the bidders that tie to determine the winner.

(iv) Bidders are required to deposit 10% of the bid price into an account to be advised by the Corporation to demonstrate good faith.  A photocopy of the evidence of the transfer of the deposit sum must accompany each bid and such payment must be received into the designated account on or before the closing date for the submission of bids.

(v) The successful bidder will be required to pay the balance of the accepted bid amount within thirty (30) days from the date of notification, while the unsuccessful bidders will have their deposits returned within fifteen (15) working days from the date the bidding session closed.  Failure to pay within thirty (30) days will lead to the forfeiture of the 10% deposit paid.

(vi) Failure to consummate the transaction within the stipulated time shall lead to forfeiture of the offer and subsequent offer, and subsequent offer will 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.

DUE DILIGENCE SURVEY
The Corporation therefore calls on reputable Stockbroking firms/persons who are interested to conduct due diligence and submit their bids for LMB Stockbrokers Limited to the Director, Asset Management Department at the address below.   The Company is located at No. 5, Idowu Taylor Street, Okoi Arikpo House, Victoria Island Lagos. Conduct of due diligence on the Company by interested persons during working days only has been extended to October 27, 2011 to give sufficient time to prospective bidders to conduct due diligence. Bids are to be submitted on or before 4:00p.m. on October 28, 2011.

SUBMISSION OF BIDS
Sealed bids should be submitted to the Director, Asset Management Department, NECOM House (25th floor), 15, Marina, Lagos not later than 4:00p.m. on October 28, 2011. Bids submitted after October 28, 2011 will not be considered.

OPENING AND ANALYSIS OF BIDS
Bids will be opened at 11.00 am prompt on Monday October 31, 2011 at the office of the Company (i.e. LMB Stock Brokers Ltd) located at the address stated above. The bids would be subsequently analysed and successful bidders would be formally informed within three (3) weeks from the close of bids.

All enquiries regarding this advertisement should be directed to:

Director,
Asset Management Department
NECOM Building (25th Floor)
15, Marina
Lagos

Tel. 01-2130249, 01-2136786

SIGNED
NIGERIA DEPOSIT INSURANCE CORPORATION