From Sanni Onogu, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) has explained why it revoked the house sale contract involving Senator Bunza, insisting that the decision was based strictly on his non-compliance with the terms and conditions of the offer, not politics, discrimination or absence of a title document.

Speaking during a media interaction in Abuja, the Managing Director of NDIC, Mr. Thompson Oludare Sunday, said the property was sold on an “as is” basis, a condition clearly communicated to the buyer at the point of offer.

“When you buy a property as is, you take it with all its defects,” Sunday said. “It is similar to buying at an auction. You cannot complain afterwards about defects that were disclosed from the beginning.”

He explained that the property in question was a mortgaged property belonging to a debtor of a failed bank under an equitable mortgage arrangement, meaning the title document was never perfected or handed over to the bank before NDIC assumed control.

“In this case, the title document was not among the assets taken over by the NDIC. Our examiners only record what they physically meet when we assume control of a failed bank. We cannot release a title document we do not have,” he said.

According to the NDIC boss, the fundamental reason the contract was revoked was Senator Farouk Bello Bunza’s failure to fulfil the terms and conditions of the offer within the stipulated timeline, which automatically terminated the contract.

“The issue is not title. We have sold properties without title before. The real issue is the outstanding sum. Nobody prevented him from paying. If the conditions stipulated had been fulfilled and payment completed, this matter would not have arisen,” Sunday stated.

He disclosed that the senator requested a 36-month repayment period, which NDIC rejected in favour of six months, citing the Corporation’s obligation to depositors of failed banks.

“We cannot tell depositors to wait three years for their money. Our duty is to recover assets quickly and pay depositors. That is why the 36-month proposal was unacceptable,” he said.

Sunday also addressed claims that NDIC was attempting to resell the property to a politically connected individual from the South-West, describing the allegation as baseless.

“NDIC advertises its properties openly. Anyone from any part of the country can buy. If we intended to sell to a preferred buyer, we would not have offered it to him in the first place,” he said.

He further revealed that an earlier letter suggesting the release of the title document upon payment was written by junior staff without authorisation and was promptly nullified.

“That letter was outside the powers of those officers and contrary to the NDIC Act. Internal disciplinary processes were immediately initiated,” he added.

The managing Director noted that Senator Bunza had successfully completed transactions on one other property sold by NDIC, underscoring the absence of bias or discrimination.

“He bought two properties. One was concluded and he has taken possession. This clearly shows there was no victimisation,” Sunday said.

While affirming Senator Bunza’s right to seek legal redress, Sunday emphasized that the NDIC remains committed to the realization of assets in the best interests of depositors and other creditors. Accordingly, the property will be advertised for open bidding, providing Senator Bunza with the opportunity to participate alongside other prospective bidders.

He reaffirmed NDIC’s commitment to transparency, integrity and the protection of depositors’ funds, stressing that the Corporation would not compromise due process under any circumstances.

“Our responsibility is to the law and to depositors. We cannot bend the rules or create documents that do not exist,” Sunday concluded.

Earlier in his brief address, Sunday explained the circumstances surrounding the aborted sale of a prime Banana Island property belonging to the defunct Heritage Bank, saying that the Corporation’s actions were guided by law, transparency and the need to protect depositors and creditors.

He said the media briefing was convened to clarify public misconceptions and set the record straight on the transaction involving Senator Farouk Bello Bunza.

According to the NDIC, Senator Bunza entered into a purchase agreement with Heritage Bank in January 2024, five months before the bank’s licence was revoked by the Central Bank of Nigeria.

He said the property, located at Plot 55, Federal Government Layout, Banana Island, Ikoyi, was priced at ₦4.5 billion, payable over 36 months, of which about ₦833.3 million had been paid before the bank was taken over by the NDIC in June 2024 following its liquidation.

He said following a statutory review of all contracts of the failed bank, the Corporation discovered that the terms of the sale were unfair and prejudicial to stakeholders, particularly as the property was a mortgaged asset tied to a debtor with outstanding liabilities of about ₦35.79 billion.

He said a fresh valuation carried out as at January 2024 when the contract was executed with the failed bank put the property’s worth at ₦7.005 billion, prompting the NDIC to re-offer it to Senator Bunza at that price in consideration of his prior payments, rather than immediately rescind the contract.

He said that the offer was, however, rejected by the senator, who insisted on the original terms.

He further explained that a subsequent downward revaluation to ₦4.76 billion was influenced by land reclamation activities that diminished the property’s beachfront value, although the offer came with strict conditions, including formal acceptance, execution of a deed of undertaking and a clearly defined payment schedule.

He said: “Despite making a substantial instalment payment, Senator Bunza failed to formally accept the offer or comply with other mandatory conditions, leading to the automatic termination of the contract under its terms.”

He insisted that the transaction remains cancelled due to the senator’s non-compliance with stipulated terms of the offer and refusal to accept official correspondence, adding that all monies paid, amounting to over ₦2.6 billion, would be refunded.

He said that the NDIC acted within the provisions of the NDIC Act and other enabling laws, insisting that its asset disposal process is open, professionally driven and aimed at maximising value for depositors and creditors of failed banks.

From Adeko Ukpa, Abuja

Political activist and international affairs leader, Comrade Timi Frank has called on President Bola Ahmed Tinubu to immediately suspend the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, following corruption allegations raised by President of the Dangote Group, Alhaji Aliko Dangote.

Frank, a former Deputy National Publicity Secretary of the All Progressives Congress (APC) and currently ULMWP Ambassador to East Africa and the Middle East as well as Senior Advisor to the Global Friendship City Association (GFCA), USA, in a statement on Tuesday, described the claim as “alarming and deeply disturbing,” stressing that it raises fundamental questions about accountability and integrity in public office.

He said the allegation, which suggests that about $5 million was spent on the secondary education of the NMDPRA boss’ children in Switzerland, was too serious to be ignored and must trigger an urgent investigation by anti-corruption agencies.

“Coming from Aliko Dangote, the richest man in Africa and a globally respected businessman, this allegation cannot be dismissed. It is weighty and should be treated with the seriousness it deserves,” Frank said.

He urged President Tinubu to break his silence on the matter, warning that failure to act decisively would cast doubt on the administration’s commitment to fighting corruption.

“The President must act immediately by suspending the NMDPRA CEO and ordering a transparent and independent investigation. Continued silence on this issue is unacceptable and sends a very dangerous signal to Nigerians,” he said.

Frank also called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to commence an immediate probe, insisting that no public official should be shielded from scrutiny.

“Even though EFCC is handling former Governor of Kogi State, Yahaya Bello’s prosecution over alleged corruption with kid gloves, the fact remains that the issue at stake borders on payment of school fees for children allegedly using state funds.

According to him, the allegation comes at a time of severe economic hardship, making it morally troubling for any government appointee to be linked with extravagant personal spending.

“Nigerians are hungry and struggling to survive, yet we are confronted with allegations of obscene luxury by public officials. This is the same pattern we have seen in previous high-profile corruption cases,” Frank stated.

He warned that failure to investigate the matter could further erode public trust in government institutions and discourage investors already wary of corruption risks in Nigeria and further lend credence to President Donald Trump’s tag of ‘disgraced country.’

Frank commended Dangote for speaking out, describing his action as an act of patriotism and civic responsibility.

“He had no obligation to raise this issue, but he chose to stand with ordinary Nigerians. This is commendable and should encourage others to speak up against corruption,” he said.

He added that Dangote had reportedly expressed willingness to cooperate with investigators if invited, urging authorities to take advantage of the opportunity to establish the facts.

“I’ll like to use this opportunity to welcome Comrade Aliko Dangote as the newest comrade to join in the fight against corruption in Nigeria.

“Now that he has joined our ranks, we are optimistic that many will take the fight against corruption more seriously and deliberately.

“I hope Comrade Dangote will not stop here, but shall continue to join in the fight to expose more corrupt officials serving in government and public positions,” he added.

Frank insisted that if the NMDPRA CEO is innocent, he should resign and submit himself to investigation to clear his name.

“This issue must not be swept under the carpet. Accountability must prevail. Nigeria cannot afford silence or delay in the face of allegations of this magnitude,” he said.

From Adeko Ukpa, Abuja

Abuja, Nigeria — Political activist and international affairs leader, Comrade Timi Frank, has issued a stern warning to President Bola Ahmed Tinubu over reported actions that point to the politicisation of the Nigerian Army, cautioning that any breach of military tradition, hierarchy and professional standards poses a grave danger to Nigeria’s democracy and national stability.

Frank, a former Deputy National Publicity Secretary of the All Progressives Congress (APC) and currently ULMWP Ambassador to East Africa and the Middle East as well as Senior Advisor to the Global Friendship City Association (GFCA), USA, described reports of a special and accelerated promotion of President Tinubu’s Aide-de-Camp (ADC) to the rank of Brigadier-General, barely months after elevation to Colonel, as deeply troubling and unacceptable if proven true.

“The Nigerian Army is not a personal guard unit of any President. It is a national institution governed by time-tested rules, traditions and professional standards.

Senior military ranks, especially the rank of General, are earned through years of service, sacrifice, command experience, rigorous training and competitive assessments.
They are not political rewards,” Frank said.

He stressed that promotions outside established procedures send a dangerous and demoralising signal to career officers who have devoted decades to service under strict institutional discipline.

According to him, such actions weaken command authority, erode morale and damage cohesion within the ranks and file.

Frank warned that history, particularly Africa’s recent history, has shown that the politicisation and personalisation of military institutions inevitably breed resentment, frustration and indiscipline, conditions that have often preceded military breakdowns and unconstitutional interruptions of democratic rule.

“Across West Africa today, we are witnessing the consequences of weakened civil-military relations,” he said. “From Mali to Burkina Faso and Niger, military juntas emerged in environments where institutions were abused, traditions disregarded and professionalism undermined.

“Even in those countries, the leaders of military regimes exercised restraint in matters of rank, mindful of the sensitivity of military hierarchy and the backlash that follows its abuse.”

He noted that it is alien to Nigeria’s democratic practice, and unheard of even during periods of military rule, to assign or manipulate the rank of General for aides-de-camp or personal convenience.

“No former military Head of State and no civilian President in Nigeria treated the rank of General with such recklessness,” he added.

Frank rejected any justification based on constitutional authority, insisting that being Commander-in-Chief demands restraint, not arbitrariness.

“Being Commander-In-Chief is not a license to erode institutions. Democracy survives on accountability, due process and respect for established norms,” he said.

He further cautioned that exposing an officer to irregular promotion places that officer at professional risk and invites institutional backlash, while dragging the Armed Forces into political controversy.

He urged the Minister of Defence to urgently advise the President on the far-reaching implications of any decision that undermines military tradition, morale and Nigeria’s international standing.

“This does not stand in isolation,” Frank said. “It fits a troubling pattern of preferential treatment for presidential aides within the security services, raising legitimate fears about the personalisation of state power and the erosion of institutional independence.”

Frank called for: Immediate public clarification of the legal and professional basis for the reported promotion; suspension or reversal of any action that violates Nigerian Army guidelines; and a firm commitment by the Presidency to end personalised promotions and the abuse of military ranks.

He also urged civil society organisations, retired military officers and professional associations to speak out, warning that silence in the face of institutional abuse carries severe consequences for civil-military relations.

“Nigeria’s democracy has already witnessed the weakening of several institutions. The Armed Forces must not be dragged down the same path.

“Undermining military tradition fuels frustration within the ranks and file and dangerously incentivises coup plotting as a means to truncate democracy. This is a red line Nigeria must never cross,” he said.

Frank insisted that the Nigerian Armed Forces must remain professional, apolitical and governed by established rules and not personal discretion.