Follow Us on Google
From Adetutu Folasade-Koyi, Abuja
Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, has explained why the sale of Plot 55, Zone J, Federal Government Layout, Banana Island, Ikoyi, Lagos State, failed between the Corporation and Senator Farouk Bello Bunza.
The defunct Heritage Bank Limited sold the land to Senator Bunza at N4.76 billion in June 2024.
Upon Heritage Bank’s liquidation, NDIC took over its assets and liabilities; one of which is the land in contention.
Last month, Bunza told newsmen in Abuja about the payment agreement between himself and the defunct Heritage Bank and how, as of November 18, 2025, he had paid N2.5 billion as per the standing agreement.
The NDIC confirmed that the initial agreement Bunza had with Heritage Bank was N4.5 billion for the land, payable over 36 months. But, the corporation undertook a valuation of the property as at the date of the transaction with the defunct bank and the new value was put at N7.5 billion.
Sunday, who spoke to newsmen at an interactive session at the Corporation’s headquarters in Abuja, yesterday, disclosed how the former lawmaker rejected the new valuation; even after he was given seven days to accept the offer and six months to pay the balance.
He said: “He bought the property from Heritage Bank. He’s written to us with the intention to sue. He should go ahead. He’ll meet us in court. He knows the truth behind all these. The issue is the payment of this property; execute an agreement. If he chooses to go to court, there’s nothing we can do about it. It’s his inalienable right as a citizen.”
The NDIC helmsman alluded to collusion from some of its senior staff in Lagos and that Bunza may have been misled by them.
Sunday insisted that Bunza knew about the status of the land before he entered into agreement with the defunct Heritage Bank, even when he approached Coronation Bank to pay the balance, on the premise that the land documents would be released to him.
“For whatever reasons, he took the letter to Lagos and two deputy directors who received it said the Corporation had the title document.
“When we discovered what had happened, people went outside their brief, outside the powers of NDIC to issue that letter to Coronation, yet we don’t have the title documents.
“He knew ab initio that the property was in contention, and had no title… He sat here and confessed to the fact that this was the first time he was meeting the management of the Corporation. He paid N1.7 billion without accepting our terms and conditions. We acknowledged the money and asked him to pay and secure the agreement. He knew there was a legal case ongoing in court when he made the offer to buy the land. Nowhere in our Act empowers us to sell properties on credit but we bent over backwards to accommodate him.
Other News
“We told him to pay in six months (and there are documents to confirm that). (Rather), he sent me a text message, rejecting the offer after he refused to collect the October 6, 2025 letter that was sent to him to append his signature.”
The NDIC boss insisted that with Bunza’s refusal to sign and pay the balance within the stipulated time given to him, the Corporation would go ahead to advertise the land for willing buyers.
“When he went to Coronation, he knew NDIC didn’t have the land title. He knew that we didn’t have the power to do what Coronation was asking for…
“There were people who came to my office, who said they were willing to offer more than his offer for that property, but we are selling to him. I even asked him; how much did the Corporation offer you, the old management, he said N7 billion.
So, now that we are at N4 billion, the issue has got to do with ‘we gave you an offer which you didn’t accept.’ So, what I will say is that the Corporation has acted in fulfilment of its public policy objectives and in accordance with the provisions of our 2023 Act…”
Asked whether NDIC was serving some entrenched South West interests in denying Bunza possession of the land, he replied: “There are three properties involved; the other two went through. He’s taken possession of those properties, vacant possession.
“For that one, there was nobody from the South West in the government involved in that one. Right?
“Two; to clarify issues, nobody and I told you here that if this property had not been sold to him, take our words as the NDIC, advertise it to the whole world, it means anybody from the South East, North East, North West can buy.
“Thirdly, if as he has alleged, if we wanted to give the property to someone from the South West, why would we give him an offer?
“Nobody from the South West has approached me on this property. That was why when he called for a meeting, three of us (NDIC management) assembled to talk to him, to be as open as possible. When I was in Badagry (Lagos), he called me and there are languages you don’t even want to mention that the gentleman uses. There was nothing he didn’t tell me; so, it didn’t start today.
“If we choose not to fight dirty, it’s because as a responsible organisation, we just need to state the facts and move away.
“But, talking about somebody from the South West being interested in the property, I assure you that nobody, nowhere is interested.
“By the time we have the title documents, we are advertising it to the whole world,” he said.
