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.
Plus234Feed summary based on reporting from Ripples Nigeria. Read the original report below.
Read full article
Continue on Ripples Nigeria
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Bunza and NDIC Clash Over Banana Island Property Ownership Dispute
Court Blocks Sale of Disputed N21.5bn Lekki Land by IGI and Four H Nigeria
CBN Revokes Aso Savings and Union Homes Licences, NDIC Begins Verification and Depositor Payments
NDIC Empowered to Prosecute Parties Responsible for Bank Failures, Says MD
NDIC Announces N2m Payout for Aso Savings, Union Homes Depositors
Samuel Adedoyin Challenges NDIC's Report on City Express Bank, Alleges Bias and Defamation
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
