AS the controversy over the release of title documents for the N4.7 8 billion parcel of land in Banana Island, Lagos State continues, former lawmaker, Senator Farouk Bello Bunza, has vowed to legally pursue what he said is his.

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

Bunza, who represented Kebbi Central Senatorial District in the National Assembly between 2003 and 2007, told The Guardian yesterday that having met all conditions for payment of the property, he deserved commendation rather than rebuttal.
The statement by the NDIC had stated that the offer was made subject to a payment of 16 instalments of N1.777 billion and N2.148 billion in six monthly instalments.

The purchaser, who insisted 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 rather than being stretched.

The corporation had, in its response to Bunza’s call for release of his title documents, alleged that the former senator’s failure to fulfil 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 it.

“Accordingly, the offer remains rescinded, and the sum of N2,611,111,111.09 earlier deposited by Senator Bunza towards the property shall be refunded forthwith upon submission of his account details,” NDIC stated.

The corporation, however, admitted that Bunza entered an agreement with the defunct Heritage Bank for the purchase of 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