ABUJA — Former Senator Farouk Bello Bunza has threatened to sue the Nigeria Deposit Insurance Corporation (NDIC) over its decision to revoke the sale of a N4.5 billion property on Banana Island in Lagos.
Bunza, who represented Kebbi Central, argued that the revocation was unjustified and not supported by the terms of the transaction originally made with the defunct Heritage Bank.
What Happened:
The NDIC, acting as liquidator of Heritage Bank, cancelled the sale citing alleged breaches. However, Bunza insists he complied fully with all requirements—including paying the N2.148 billion balance immediately instead of within the six-month window provided.
He also executed a deed of undertaking, which the NDIC acknowledged.
Disputed Claims:
Bunza disputed the NDIC’s claim that he requested 36 months to pay, stating he settled the amount within 24 hours after confirmation. He also accused the corporation of withholding information about title documents for nearly two years and only raising issues after full payment was made.
“All these issues will be presented before the court,” Bunza declared, vowing to seek judicial redress for what he termed an “unjustified revocation.”
The NDIC had earlier explained that the revocation was due to the senator’s failure to meet key terms, including outstanding rents and proper documentation—a claim Bunza strongly denies.
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Disclaimer: This report is based on statements from former Senator Farouk Bunza. The NDIC’s position has been previously reported. CDA News Nigeria does not adjudicate on the matter.
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