As the controversy over the release of title documents for the N4.78 billion parcel of land in Banana Island, Lagos State, continues, former lawmaker, Senator Farouk Bellow Bunza, has vowed to legally pursue what he said is his.

Bunza had earlier in week called on the Nigerian Deposit Insurance Corporation (NDIC) to respect the contract he made with defunct Heritage Bank, for which the corporation was the Liquidator, by releasing the title documents and signing other papers relating to the transaction, including the Deed of Assignment on the piece of land located at plot 55, Zone J, Federal Government Layout, Banana Island, Ikoyi, Lagos State.

Farouk, who represented Kebbi Central Senatorial District in the National Assembly between 2003 and 2007, told The Guardian on Friday that having met all conditions for the payment of the property, he deserved commendation rather than rebuttal.

The corporation had in a statement explained that the offer was made subject to the payment of 16 installments past due of N1.777 billion and N2.148 billion in six monthly installments.

The purchaser, who said he made the N1.77 billion within seven days offered by NDIC and the N2.148 billion within 30 days instead of the six months offered by the corporation, stressed that he should be saluted for exceeding the condition offered rather than rebuttal.

The corporation had in its response to Bunza’s call for release of his title documents, alleged that the former senator’s failure to fulfill the conditions of the revised offer, specifically to formally signify acceptance and execute the Deed of Undertaking within the prescribed seven-day period from September 30, 2025, constituted a fundamental breach, thereby rendering the offer automatically terminated, irrespective of his refusal to accept correspondence from the corporation.

“Accordingly, the offer remains rescinded, and the sum of ₦2,611,111,111.09 earlier deposited by Senator Bunza towards the property shall be refunded forthwith upon submission of his account details.”

The corporation, however, admitted that Bunza entered an agreement with the defunct Heritage Bank for the purchase of the property and that following the revocation of the bank’s licence on June 3, 2024, by the Central Bank of Nigeria (CBN), a comprehensive review of all contracts was undertaken.

It added that upon evaluation of the transaction, it observed that the terms of the contract were unfair and prejudicial to the interests of stakeholders.

However, considering reports that construction and land reclamation activities were being undertaken on the adjoining property by the Lagos State government, which resulted in the loss of the beachfront view previously enjoyed by the subject property, and which significantly diminished the property’s market value, the Management of the corporation re-offered the property to Bunza at the sum of ₦4.76 billion as against N7 billion reversed cost.

The NDIC also accused Bunza of failing to submit a formal letter of acceptance of the offer and to execute and return the Deed of Undertaking as required under the terms of the re-offer even though he paid all outstanding amount for the property.

“Senator Bunza’s failure to fulfill the terms of the offer thus automatically terminated the offer for the sale of the property, bringing an end to the contract of sale,” the statement read in parts.

But in his reaction, Bunza accused the corporation of undue intimidation, stressing that it set a payment standard it felt he could not meet.

“I had a contract executed with the defunct Heritage Bank in 2023 that was unambiguous. It clearly stated the amount (N4.5 billion) and terms of payment; N500 million upon signing of the contract and N4 billion to be paid in 36 equal monthly repayments.

“The N500 million down payment was made, and three installment payments were made before the revocation of the bank’s licence. Since then, NDIC has made several different offers that were inconsistent with the original contract, the law and standard practice evidenced by correspondences received from the corporation.”

The statement added further that the offer of N4.76 billion NDIC made was based on a revaluation that does not exist and therefore, rescinded its earlier offer.

“Where on earth can such a unilateral action be tolerated?” Bunza asked. “What if it were the other way round, that other actions of government make value of the land to depreciate? Will NDIC refund the purchaser from what he already paid? This is to say the least absurd.

“Upon receipt of the N4.76 billion NDIC offer, the purchaser immediately paid and wrote to the corporation intimating it of the payment and requested for a meeting. The payment was duly acknowledged by NDIC and the meeting also took place. At the meeting, the purchaser requested for an additional time to make the outstanding payment of the N2.148 billion but the Managing Director at the meeting declined and told the purchaser that NDIC will get back to him. When the purchaser noticed the NDIC’s reluctance to grant extension of the payment beyond six months, he decided to take a loan from the bank and pay instantly. This was done and evidence of payment sent to NDIC and duly acknowledged.”

Bunza noted that prior to the payment, Coronation Merchant Bank had requested for confirmation of the outstanding amount the purchaser needed to make to NDIC and an undertaking that if the amount is paid, NDIC shall release all title documents, which NDIC agreed (letter to that effect issued) and Payment was accordingly made by Coronation. A new twist however emerged after the complete payment was made, when the Corporation retracted earlier confirmation of outstanding payment/Undertaking to release title documents.

“It is very obvious that the purchaser has passed through enormous travails for well over three years. Initially, the issue was that of litigation by the debtor, then the value of the property and later, that of encroachment by unknown persons and then, the issue of payment of the renegotiated amount, and now a new issue of unavailability of Title documents. A simple question: Why was the whereabouts of the title documents emerging only after full payment was made?

“After issues of litigation by debtor, initial revaluation by NDIC and renegotiation of already executed contract with the defunct bank, encroachment by a veiled entity and now revaluation of the land after a supposed suspension of reclamation of the sea, what will be the next hurdle? Your guess is as good as mine.

“It is apparent there are other hidden motives by NDIC unknown to the purchaser. He will however legally pursue his right to retain what is legally and validly his after making full payment for the land,” the statement added.