The Nigeria Deposit Insurance Corporation (NDIC) has explained that it revoked a house sale contract involving Farouk Bello Bunza purely because the agreed terms were not met, insisting the decision had nothing to do with politics, discrimination or missing title documents.
Speaking in Abuja, NDIC Managing Director Thompson Oludare Sunday said the property was sold strictly on an “as is” basis, a condition clearly stated at the point of offer.
He explained that the house was a mortgaged asset of a failed bank held under an equitable mortgage, meaning the title document was never in NDIC’s possession after it took over the bank.
Sunday said the core issue was Senator Bunza’s failure to complete payment within the stipulated timeframe, which automatically voided the contract.
He disclosed that while the senator requested a 36-month repayment plan, NDIC approved only six months, stressing that the Corporation could not delay asset recovery at the expense of depositors awaiting refunds.
Addressing claims of favouritism, Sunday dismissed allegations that NDIC planned to resell the property to a politically connected buyer, noting that all assets are openly advertised and sold through transparent processes.
He added that an earlier letter suggesting title release upon payment was issued without authorisation by junior staff and was immediately withdrawn, with disciplinary action initiated.
The NDIC boss also clarified that the aborted transaction involved a prime Banana Island property originally sold by Heritage Bank before its licence was revoked.
He said the house, located in Banana Island, was initially priced at ₦4.5 billion despite a later valuation of ₦7.005 billion, and remained tied to a debtor owing about ₦35.79 billion.
The property will now be re-advertised for open bidding, with Senator Bunza free to participate alongside others.