The Nigerian Deposit Insurance Corporation (NDIC) has declared its sale of a high-value Ikoyi property to Senator Farouk Bello Bunza as definitively terminated. The corporation stated that the transaction was automatically cancelled after the senator failed to accept revised conditions attached to the offer.
Revised Terms and Unmet Conditions
At a press briefing in Abuja, NDIC Managing Director, Mr Sunday Oludare Thomson, provided a detailed account of the failed transaction. The property in question is Plot 55, Federal Government Layout, Banana Island, Ikoyi, Lagos. It became part of NDIC's assets following the liquidation of Heritage Bank.
Mr Thomson explained that a revised offer was made to Senator Bunza, which came with specific stipulations. The property was offered on an 'as-is' basis due to an ongoing legal action and because the title document was held by a former director of the defunct bank.
The conditions Senator Bunza needed to fulfil included:
- Formally accepting the offer in writing within seven days of receipt.
- Settling outstanding instalments from June 2024 to September 2025, totalling ₦1,777,777,777.76.
- Paying the remaining balance of ₦2,148,888,888.91 in equal monthly instalments starting November 2025.
- Executing a Deed of Undertaking allowing NDIC to debit his accounts in case of default.
Payment Made But Terms Rejected
According to the NDIC boss, Senator Bunza did not submit the required formal letter of acceptance. He also did not sign and return the crucial Deed of Undertaking.
However, on September 30, 2025, Senator Bunza paid the outstanding sum of ₦1.78 billion and sent proof of the electronic transfer to NDIC. The corporation acknowledged this payment but reminded him that the other conditions remained unmet. Mr Thomson stated that the senator declined to accept this correspondence.
"Senator Bunza’s failure to fulfil the terms of the offer thus automatically terminated the offer for the sale of the property, bringing an end to the contract of sale," he said.
Refund and Public Re-offer
Mr Thomson confirmed that the corporation received a financing request from Coronation Merchant Bank on behalf of the senator but declined to provide an undertaking, citing his refusal to accept the revised terms.
He stated unequivocally, "Accordingly, the offer remains rescinded." The NDIC will refund the ₦2,611,111,111.09 initially deposited by Senator Bunza once he provides his account details.
Dismissing claims of external influence, Thomson emphasised that NDIC cannot sell assets on credit as it would risk depositors' funds. He clarified that the corporation acts under the NDIC Act 2023, which empowers it to revoke agreements made by distressed banks if they are against public interest.
In contrast, Senator Bunza maintains that NDIC lacks the authority to cancel the sale. He argues he met all requirements in his original binding agreement with the defunct Heritage Bank and has warned the corporation not to interfere with that contract.
This dispute highlights the extensive powers NDIC wields in managing the assets of failed banks to protect depositors and creditors. The corporation has announced that the Ikoyi property will be re-offered to the general public as part of its recovery efforts.
