The Nigeria Deposit Insurance Corporation (NDIC) has firmly stated that the sale of a high-value property in Banana Island, Ikoyi, to former Senator Farouk Bello Bunza remains terminated, despite the Senator’s claims of full payment.
At a media briefing held today, Wednesday, December 17, 2025, NDIC Managing Director Mr Sunday Oludare Thomson clarified that there is currently no binding sales agreement between the Corporation and the Senator.
The conflict centres on Plot 55, Federal Government Layout, Banana Island—a property originally owned by the defunct Heritage Bank.
| NDIC’s Position (The “Why”) | Senator Bunza’s Position (The “Counter”) |
| Automatic Termination: The offer was automatically rescinded because the Senator failed to formally accept the revised terms and execute a Deed of Undertaking within seven days. | Validity of Original Contract: Maintains that the original agreement signed with Heritage Bank in 2023 remains valid and cannot be unilaterally voided by the NDIC. |
| “As-Is” Condition: The NDIC insists the property is sold “as-is” because the original title documents are currently in the custody of a former director of the defunct bank. | Payment Compliance: Argues that he has already paid the total sum of ₦4.76 billion, exceeding the required payment speed requested by the Corporation. |
| Refusal of Financing Support: NDIC declined a request from Coronation Merchant Bank to provide an undertaking for the property because the Senator hadn’t satisfied the revised offer’s conditions. | Alleged Intimidation: Claims the NDIC is being “arm-twisted” by external interests to deprive him of property that he has fully funded. |
The NDIC has made it clear that the door is closed on this specific transaction. The Corporation has announced it will immediately refund the ₦2.61 billion already deposited by the Senator as soon as he provides his bank account details.
The NDIC also confirmed its intention to offer the Banana Island property to the general public in due course to recover funds for the bank’s depositors.
The MD emphasized that under the NDIC Act 2023, the Corporation has the power to revoke or renegotiate pre-liquidation agreements that are deemed “unfair or prejudicial” to the interests of the failed bank’s stakeholders.
Senator Bunza has vowed to seek legal redress, signaling a high-stakes courtroom battle over one of Lagos’ most exclusive pieces of real estate.
