The Nigeria Deposit Insurance Corporation (NDIC) has defended its decision to revoke the sale of a premium beachfront property in Banana Island, Lagos, previously purchased by former Senator Kabeer Garba Bunza from the defunct Heritage Bank.
In a statement issued on Monday, the Corporation said the transaction—sealed in January 2024—was subjected to a mandatory review after the Central Bank of Nigeria (CBN) revoked Heritage Bank’s licence on June 3, 2024.
According to the NDIC, the original sale terms were problematic. “The agreed sales price of the property was ₦4.5 billion, payable over 36 months. At the time the bank was closed, a total of ₦833 million had been paid,” it stated.
However, the review revealed that the property, located at Plot 55, Federal Government Layout, Banana Island, was tied to a substantial outstanding debt of ₦35.79 billion. Given this, the Corporation described the initial agreement as “unfair and prejudicial to stakeholders’ interests.”
The NDIC also factored in the risk of prolonged legal disputes, noting that prior challenges by the debtor had failed in lower courts but remained open to appeal. The Corporation consequently reassessed the property’s market value, raising the price to ₦7.005 billion.
In an effort to preserve the transaction, the NDIC re-offered the property to Senator Bunza at the revised price, crediting his earlier payments. However, the former senator rejected the new terms and insisted on the original agreement.
Senator Bunza, who served as the representative of Kebbi Central between 2003 and 2007, maintains that he had paid ₦2.5 billion of the agreed ₦4.76 billion by November 18, 2025. He also referenced an NDIC letter from the same date acknowledging payment and promising to release title documents once the balance was settled.
Despite this, the NDIC said the revised offer was binding and that Senator Bunza’s decision not to accept or execute the required Deed of Undertaking within seven days of September 30, 2025, amounted to a “fundamental breach,” leading to automatic termination of the deal.
The Corporation confirmed that ₦2,611,111,111.09 already paid by the former senator will be refunded once he provides his account details. Senator Bunza, however, insists that the sale remains valid and cannot be revoked since payments had already been made.
