{"id":96201,"date":"2025-11-23T23:28:26","date_gmt":"2025-11-23T23:28:26","guid":{"rendered":"https:\/\/everyday.ng\/?p=96201"},"modified":"2025-11-23T23:28:26","modified_gmt":"2025-11-23T23:28:26","slug":"ndic-faces-integrity-questions-over-%e2%82%a64-76bn-banana-island-oroperty-deal-as-former-senator-threatens-lawsuit","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=96201","title":{"rendered":"NDIC faces integrity questions over \u20a64.76bn Banana Island oroperty deal as former senator threatens lawsuit"},"content":{"rendered":"
\"\"
Senator Farouk Bello Bunza.<\/figcaption><\/figure>\n

A major property transaction involving the Nigeria Deposit Insurance Corporation (NDIC) and former lawmaker Senator Farouk Bello Bunza has escalated into a high-stakes dispute that may soon be headed to court, potentially dragging the corporation into a widening controversy over transparency, due process, and alleged political interference.<\/p>\n

Barring a last-minute resolution at a meeting reportedly scheduled in Abuja this week, the senator is preparing to file a lawsuit challenging NDIC\u2019s refusal to release title documents to a premium \u20a64.76 billion Banana Island property he insists he has fully paid for.<\/p>\n

The NDIC, acting as liquidator for the defunct Heritage Bank, claims the sale to Bunza is no longer valid due to alleged breaches of contract. The senator strongly disputes this, accusing the corporation of \u201cbanditry in high places\u201d and hinting at a ploy by powerful interests to snatch the prime Lagos property.<\/p>\n

Senator Bunza: \u201cNDIC Is Acting Like an Ordinary Con Man\u201d<\/p>\n

Speaking to journalists in Abuja over the weekend, Senator Bunza \u2014 who represented Kebbi Central between 2003 and 2007 \u2014 insisted he complied with every financial obligation required to complete the transaction.<\/p>\n

The property in dispute is located at Plot 55, Zone J, Federal Government Layout, Banana Island, Ikoyi, one of the most valuable residential enclaves in Nigeria.
\nBunza stated he had paid for the property in three tranches, totalling \u20a64.76 billion:
\n\u2022 \u20a6833,333,303
\n\u2022 \u20a61,777,777,777
\n\u2022 \u20a62,148,888,888.91 (paid on November 20, 2025)<\/p>\n

According to him, the NDIC had earlier agreed to release the title documents upon payment of the outstanding balance \u2014 a commitment his financiers at Coronation Merchant Bank relied on in processing his facility.<\/p>\n

However, a day after the final payment, NDIC wrote to the bank retracting its previous undertaking.<\/p>\n

\u201cCoronation relied on NDIC\u2019s earlier undertaking to make the payment. They cannot retract it now. How is NDIC now different from an ordinary con man on the streets?\u201d Bunza asked.<\/p>\n

He accused the corporation of undermining investor confidence, saying:
\n\u201cIf we were in a decent country, the Managing Director of NDIC and his underlings would have preferred resignation to issuing this retraction letter.\u201d<\/p>\n

The senator also dismissed insinuations of wrongdoing on his part: \u201cI did not steal from the government. I won\u2019t allow myself to be defrauded by the system.\u201d<\/p>\n

NDIC: \u201cThe Contract Is Terminated \u2014 We Are Only Offering a Refund\u201d<\/p>\n

In a lengthy official statement the NDIC presented a sharply different version of events.<\/p>\n

The corporation argued that the initial 2024 agreement between Senator Bunza and Heritage Bank was unfair to stakeholders, especially because:
\n\u2022 The property was mortgaged by a debtor owing the bank \u20a635.79 billion.
\n\u2022 Though the debtor lost cases up to the Supreme Court, there remains a possibility the appeal could be refiled.
\n\u2022 NDIC\u2019s valuation pegged the property\u2019s worth at \u20a67.005 billion, significantly higher than the original \u20a64.5 billion sale price.<\/p>\n

Consequently, NDIC said it re-offered the property to the senator at the revised valuation. Bunza rejected this.
\nA second valuation in 2025 \u2014 prompted by changes to waterfront land reclamation \u2014 brought the offer down to \u20a64.76 billion, which aligns with the amount the senator eventually paid.<\/p>\n

However, NDIC insists the revised offer included strict conditions, which the former senator allegedly failed to fulfil:
\n\u2022 Submission of a formal acceptance letter
\n\u2022 Signing a Deed of Undertaking authorizing NDIC to debit his accounts in case of default
\n\u2022 Acceptance of the property on an \u201cas-is\u201d basis, including complications around the title documents
\n\u2022 Strict installment timelines<\/p>\n

NDIC claimed:
\n\u2022 Bunza paid the September 2025 instalment of \u20a61.777 billion
\n\u2022 But refused to accept or acknowledge the accompanying letter reminding him of unmet conditions
\n\u2022 His non-compliance \u201cautomatically terminated the offer\u201d<\/p>\n

The agency concluded:
\n\u201cThe offer remains rescinded, and the sum of \u20a62.611bn earlier deposited by Senator Bunza shall be refunded upon submission of account details.\u201d<\/p>\n

Title Documents: NDIC Blames EFCC, Senator Calls It a \u201cVolte-Face\u201d
\nA crucial element of the dispute concerns where the property\u2019s original title documents actually are.<\/p>\n

NDIC now says the documents are:
\n\u2022 Not in the corporation\u2019s custody, contrary to earlier assurances
\n\u2022 Allegedly with the EFCC or with an erstwhile director of the defunct bank<\/p>\n

The sudden reversal has drawn public ridicule, with commentators questioning how NDIC could negotiate and re-offer a property without possessing its documents.<\/p>\n

Whispers of High-Level Interference<\/p>\n

Sources familiar with the matter say another influential senator and a serving minister from the South-West may be interested in the same property.<\/p>\n

There are suggestions these individuals are pressuring NDIC to invalidate Bunza\u2019s transaction so the property can be rerouted to them.<\/p>\n

Bunza hinted at this when he said the system was being weaponised to dispossess him.<\/p>\n

Everyday.ng reviewed a set of transaction letters made available by the senator showing timelines of payments, undertakings, and communications with the bank.<\/p>\n

Coronation Merchant Bank Dragged Into Crossfire<\/p>\n

The conflict intensified when NDIC \u2014 after allegedly assuring Coronation that documents would be released \u2014 wrote a formal retraction to the bank, instructing it to disregard the earlier undertaking.<\/p>\n

A representative of the senator, who visited NDIC headquarters to pick up the November 19 letter, reportedly declined to collect it after phoning the former lawmaker.<\/p>\n

Legal Showdown Imminent<\/p>\n

If this week\u2019s meeting fails, the senator is prepared to sue NDIC for:
\n\u2022 Breach of contract
\n\u2022 Failure to honour an undertaking
\n\u2022 Wrongful retraction of commitments
\n\u2022 Attempted deprivation of property<\/p>\n

His lawyers are reportedly examining whether the corporation\u2019s actions constitute administrative misconduct or malicious interference.<\/p>\n

Meanwhile, stakeholders in the financial sector warn that the NDIC\u2019s handling of the case could have broader implications for:
\n\u2022 Buyer confidence in distressed-asset sales
\n\u2022 The integrity of regulatory institutions
\n\u2022 The ongoing liquidation of Heritage Bank<\/p>\n

Three key questions remain unanswered:
\n\u2022 Can NDIC legally rescind an agreement after accepting full payment?
\n\u2022 Why were undertakings issued when the title documents were allegedly not in NDIC\u2019s possession?
\n\u2022 Will political interests ultimately dictate the outcome?<\/p>\n

For now, the dispute remains unresolved \u2014 and unless both parties find a compromise, a courtroom battle may soon determine who truly owns one of Banana Island\u2019s most coveted plots<\/p>\n","protected":false},"excerpt":{"rendered":"

A major property transaction involving the Nigeria Deposit Insurance Corporation (NDIC) and former lawmaker Senator Farouk Bello Bunza has escalated into a high-stakes dispute that may soon be headed to court, potentially dragging the corporation into a widening controversy over transparency, due process, and alleged political interference. Barring a last-minute resolution at a meeting reportedly […]<\/p>\n","protected":false},"author":7,"featured_media":96202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[7570,2066,2745,733,5983],"class_list":["post-96201","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","tag-banana-island","tag-farouk","tag-integrity","tag-lagos","tag-ndic"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/96201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=96201"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/96201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/media\/96202"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=96201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=96201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=96201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}