By Ahmed Ahmed
The Nigeria Deposit Insurance Corporation (NDIC) has revoked the sale of a N4.76 billion beachfront property on Banana Island, Lagos, originally purchased by former Senator Bunza.
In a statement recently, the corporation said that the sale, arranged through the now-defunct Heritage Bank in January 2024, was reassessed following the bank’s closure. According to NDIC, the property’s agreed price of N4.5 billion was to be paid over 36 months, with N833 million settled before the bank was closed.
After the Central Bank of Nigeria revoked Heritage Bank’s license on June 3, 2024, NDIC reviewed all contracts under its statutory authority. The corporation concluded that the original terms were “unfair and prejudicial to the interests of stakeholders,” pointing out that the property was mortgaged with outstanding debts totaling N35.79 billion.
NDIC said that the property’s value was later reassessed at N7.005 billion. The corporation offered Senator Bunza the chance to complete the purchase under the revised terms rather than cancel the deal outright. Senator Bunza, however, rejected the adjustment and requested that the original terms remain.
Senator Bunza, who represented Kebbi Central between 2003 and 2007, stated he had paid N2.5 billion of the total N4.76 billion as of November 18, 2025. NDIC had acknowledged this payment in a letter dated the same day and had promised to release the property’s title documents once the balance was paid. The corporation later insisted on the revised agreement.
NDIC explained that the sale was revoked because Senator Bunza did not meet the conditions of the new offer. Specifically, he failed to formally accept and execute the Deed of Undertaking within seven days from September 30, 2025. NDIC said that this constituted a fundamental breach, automatically terminating the offer.
The corporation confirmed that the sum of N2,611,111,111.09 previously deposited by Senator Bunza would be refunded once he submits his account details.
Senator Bunza, however, maintains that the sale cannot be revoked after payments have been made, signaling a potential legal standoff over one of Lagos’ most high-profile beachfront properties.
