The Nigeria Deposit Insurance Corporation (NDIC) has issued an official explanation for the recent revocation of the sale of a prime beachfront property at Plot 55, Federal Government Layout, Banana Island, Lagos, originally purchased by former Senator Bunza from the defunct Heritage Bank.
In a statement released on Monday, the NDIC confirmed that the purchase agreement, signed between Senator Bunza and Heritage Bank in January 2024, underwent a mandatory review following the bank’s closure in June 2024.
The NDIC outlined the original terms: “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,” the NDIC said.
Following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC conducted a comprehensive review of all contracts under its statutory powers. The Corporation stated that it found the original terms to be “unfair and prejudicial to the interests of stakeholders,” particularly because the property was a mortgaged asset with substantial outstanding debts totaling ₦35.79 billion.
Citing the likelihood of future appeals by the debtor, despite failed legal challenges at lower courts, the NDIC reassessed the property’s market value, revising the price upwards to ₦7.005 billion.
The Corporation then attempted to salvage the deal: “Taking into account Senator Bunza’s prior payments, the property was re-offered to him at the revised price instead of rescinding the contract outright,” the statement said. The attempt failed, as “Senator Bunza rejected this and requested the original terms be upheld.”
Senator Bunza, who represented Kebbi Central from 2003 to 2007, maintains that he had paid ₦2.5 billion of the agreed ₦4.76 billion as of November 18, 2025. While the NDIC had previously acknowledged a payment in a letter dated November 18, 2025, and committed to releasing the title documents upon payment of the balance, the Corporation later insisted on the revised, higher agreement.
The NDIC confirmed the final reason for the revocation: “Senator Bunza’s failure to fulfill the conditions of the revised offer, specifically to formally accept and execute the Deed of Undertaking within seven days from September 30, 2025, constituted a fundamental breach, rendering the offer automatically terminated.”
The NDIC confirmed that the sum of ₦2,611,111,111.09 previously deposited by Senator Bunza will be refunded upon submission of his account details. However, Senator Bunza “maintains that the sale cannot be revoked after payments have been made.”
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