Former Lawmaker Demands Justice in N4.76 Billion Property Dispute
Former Nigerian Senator Farouk Bellow Bunza has issued a stern warning to the Nigerian Deposit Insurance Corporation (NDIC), threatening legal action if the corporation fails to release crucial title documents for a N4.76 billion property transaction. The ex-lawmaker, who represented Kebbi Central Senatorial District between 2003 and 2007, claims the NDIC has unlawfully withheld documents despite receiving full payment for the luxury property.
Property Purchase and Payment Details
According to Senator Bunza, he purchased the high-value property located at Plot 55, Zone J, Federal Government Layout, Banana Island, Ikoyi, Lagos State from the defunct Heritage Bank in 2024. The NDIC serves as the liquidator for the failed financial institution. The former lawmaker revealed he made the total payment in three substantial installments: N833,333,303 as the first tranche, followed by N1,777,777,777, and finally N2,148,888,888.91 on November 20, 2025.
The transaction was processed through Coronation Bank, which acted as the financial intermediary for the deal. Senator Bunza emphasized that having completed the payment as requested by the corporation, the NDIC has no legal grounds to withhold the title documents or retract from their earlier agreement.
NDIC's Sudden U-Turn and Retraction
The situation escalated when, just one day after the final payment was made on November 20, the NDIC wrote to Coronation Bank stating it could not provide the undertaking to release the original title documents. More concerning was the corporation's decision to formally retract an earlier letter dated November 14, 2025, in which it had promised to release the documents upon payment of the balance.
The retraction letter addressed to Coronation Merchant Bank Limited stated: "This correspondent hereby formally retracts our earlier letter on the above subject, dated November 14, 2025. Accordingly, you are advised to disregard its contents as it does not reflect the corporation's position on the matter."
Senator Bunza expressed profound dismay at this development, questioning why such action would emanate from a respected financial institution without prior explanation. "This is unbelievable. Coronation relied on NDIC's earlier undertaking to make the payment. They cannot retract it now. How is NDIC now different from an ordinary con man on the streets?" the former lawmaker lamented during his address in Abuja.
Calls for Accountability and Legal Action
The former banker-turned-politician, who has extensive investments in real estate and the hospitality industry, strongly condemned the NDIC's actions as "banditry in high places." He insisted that injustice, unprofessionalism, and blatant disregard for the rule of law should not be tolerated in government offices.
Bunza asserted that he earned his wealth legitimately and should not be defrauded by the system. "If we were in a decent country, the Managing Director of NDIC and his underlings would have preferred resignation to issuing this retraction letter," he stated emphatically.
The former senator concluded with a firm ultimatum: the NDIC must immediately release the title documents and sign all necessary papers, including the Deed of Assignment, or face legal consequences. He demanded that the government bring all perpetrators to justice, emphasizing that such conduct undermines public trust in Nigeria's financial regulatory institutions.
