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<\/a><\/p>\nChris Agabi<\/p>\n
9 December 2011<\/p>\n
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Lagos \u2014 The Nigerian Deposit Insurance Corporation (NDIC) has formerly handed over Hallmark Homes (Savings and Loans) Limited to its acquirer, Centage Savings and Loans Limited.<\/p>\n
Centage acquired Hallmark Homes as a going concern for N1.150 billion following a successful bidding process from the NDIC.<\/p>\n
Handing over the mortgage bank to its new owners in Lagos, the Managing Director\/CEO of NDIC, Umaru Ibrahim said the proceeds will be used to pay pubic depositors of Hallmark Homes.<\/p>\n
Hallmark Homes had closed shop since 2006 following the liquidation of its parent company, Hallmark Bank Plc, which failed recapitalisation exercise in 2005. The liquidation of Hallmark Bank had devastating effect on Hallmark Homes because it had no banking relationship with any other bank besides Hallmark bank.<\/p>\n
Hallmark Homes wasn’t in liquidation but it was out of operation since 2006.<\/p>\n
Ibrahim explained that in line with the law which gave the NDIC powers to liquidate Hallmark Bank, Hallmark Homes was advertised for sale and Centage emerged the successful bidder through due process.<\/p>\n
He said: “We have successfully handed over Hallmark Homes to Centage Savings and Loans Limited. Centage Savings and Loans were the most successful bidder for Hallmark Homes which they have acquired as a going concern.<\/p>\n
“In the process, about 1,600 depositors of then Hallmark Homes will now continue to do business with Centage as depositors if they so desire. They can enjoy mortgage facility from Centage” Ibrahim said.<\/p>\n
He also said that they have an estimated deposits of N750 million which they can use for business.<\/p>\n
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