NDIC Revokes ₦4.76b Banana Island Property Sale Over Unfair Terms

The Nigeria Deposit Insurance Corporation (NDIC) revoked the sale of a prime property in Banana Island worth ₦4.76 billion, citing prejudicial terms and debt review following the closure of Heritage Bank. Senator Bunza, who had made payments towards the property, failed to meet revised conditions, leading to the contract rescission.

The NDIC conducted a comprehensive review and found the original terms unfair, prompting the revocation. Despite attempts to salvage the deal, Senator Bunza's failure to fulfill conditions led to the cancellation of the agreement.