News
NDIC Sues Wema Bank Over N125bn Banana Island Property Linked To Defunct Lender In Lagos
NDIC Sues Wema Bank Over N125bn Banana Island Property Linked To Defunct Lender In Lagos
The Nigeria Deposit Insurance Corporation (NDIC) has instituted two separate actions at the federal high court in Lagos against Wema Bank over some assets in Banana Island and N401 million disputed payments.
The NDIC, acting as liquidator of the defunct Gulf Bank Plc, filed both suits against Wema Bank under the Failed Banks (Recovery of Debts and Financial Malpractices in Banks) Act
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The move was part of efforts to recover and liquidate outstanding assets of the defunct Gulf Bank Plc after 20 years of its collapse.
In January 2006, the Central Bank of Nigeria (CBN) revoked the licence of Gulf Bank Plc due to insolvency and failure to meet capitalisation requirements.
Subsequently, NDIC emerged as liquidator in a bid to recover the outstanding assets, following a court order.
THE FIRST SUIT
At the centre of the first suit instituted by NDIC are six properties in Banana Island purchased in the name of Euston Wenberg Engineering Company Limited, described as a shell company used by Gulf Bank Plc.
These plots, situated in Zones J, K, L and P, have a combined area of approximately 13,794.145 square metres.
At the current market rate of N4,500,000.00 per square metre, NDIC values these properties at N62,073,652,500.00.
NDIC alleges that Gulf Bank acquired six Banana Island plots between 1998 and 2003 using Euston Wenberg Engineering Company Limited as a vehicle.
NDIC argued that the assets remain beneficially owned by Gulf Bank plc despite the internal records of the defunct bank reportedly treating the acquisition as a loan account.
NDIC alleged that Wema Bank took custody of these properties purportedly to secure an interbank deposit of N771.79 million.
The agency said a joint CBN/NDIC special examination conducted in September 2005 found no record in Gulf Bank’s books confirming that any such deposit existed.
The agency said the report found the defunct bank’s explanations unsatisfactory with no supporting documentation produced.
NDIC said Wema Bank later presented two managers’ cheques from Access Bank and Intercontinental Bank, both dated September 2005, totalling N250 million in favour of Euston Wenberg Engineering Limited.
The agency said the cheques are instruments for a purchase rather than recovery of a deposit.
NDIC argued that the purported sale at N250 million was commercially implausible, given that a single property in Banana Island at the time was worth in excess of N500 million.
THE SECOND SUIT
The second suit was premised on a separate set of six properties in Banana Island acquired through Bacad Finance and Investment Limited (later renamed Supra Commercials Limited) — another entity in which the defunct bank held over 80 percent shareholding
NDIC alleged that Gulf Bank injected N20 million into Bacad Finance and Investment Limited in 2001 to increase its share capital, and later invested N60 million in the company in 2003.
The defunct bank held over 80 percent of Bacad Finance’s shares and used the entity to acquire the second set of six Banana Island plots.
The defunct bank was said to have planned to develop the properties as a luxury residential estate of 72 flats, to be called Bacad Estate, in partnership with Shelter Afrique.
NDIC accused Wema Bank of claiming to have sold the assets for N524 million by way of managers’ cheques dated 2006 and 2007, without any valid mortgage, court order, or proprietary interest.
NDIC rejected the claimed sale price as grossly implausible given that each property was worth over N4 billion at the time.
In addition, NDIC said in June 2009, it wrote to Wema Bank approving payment of N1,635,616 as the full outstanding deposit due to the bank as of January 16, 2006 — the date Gulf Bank went into liquidation.
NDIC alleged that despite the approval, Wema Bank collected N401 million from UBA, NDIC’s agent bank, without lawful justification, and that the agency has no record showing Wema Bank was owed any sum beyond the approved N1.6 million.
NDIC is seeking court declarations that any purported sale of the properties was illegal, null, and void and that Wema Bank had no valid interest in any of the properties.
NDIC Sues Wema Bank
The agency is also seeking a court order to compel Wema Bank to return the land title documents or pay the current value of the disputed properties.
THE OBJECTIONS
Wema Bank, through its counsel, Oladapo Olanipekun, Kehinde Ogunwunmiju, Tunde Afe-Babalola, have filed a preliminary objection challenging the jurisdiction of the court.
The bank argued that NDIC’s claims do not arise from any loan, credit facility, guarantee or banking transaction between the parties as required under the Failed Banks Act.
The lender added that it was never a customer of the defunct Gulf Bank Plc in respect of any credit facility.
The bank further argued that the suits disclose no debtor-creditor relationship and that NDIC lacks locus standi because the disputed properties were allegedly owned by Bacad Finance and Investment Limited (now Supra Commercials Limited), a separate legal entity.
The bank said the issue is property ownership rather than banking debt recovery, adding it is outside the federal high court’s jurisdiction.
The bank argued that any course of action, if it existed at all, arose between 2006 and 2007 and is now statute-barred under the Limitation Law of Lagos state.
Wema Bank accused NDIC of abusing court process by attempting to circumvent limitation laws with a stale claim.
Wema Bank asked the court to strike out both suits.
Umahi, Sanwo-Olu, Abiodun, Others Grace Shekina and Shope’s Wedding in Lagos
It was a celebration of love, family, friendship and distinguished personalities in Lagos on Saturday, August 22, 2026, as Shekina Chidinma Umahi and Shope Alexandra Ayinde were joined in holy matrimony at the Redeemed Christian Church of God (RCCG) Powerlink Chapel, Lekki Phase 1, Lagos.
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Shekina, a niece of the Honourable Minister of Works, Senator Engr. David Umahi, CON, is the daughter of Maj. Gen. (Rtd.) Pastor Obi Abel Umahi, DSc, OFR, while Shope is the son of Commodore NN (Rtd.) Deacon Adebayo Abidemi Ayinde.
The wedding brought together governors, senior government officials, lawmakers, business leaders, traditional rulers, captains of industry, family members and friends from across the country to celebrate the young couple.
The Honourable Minister of Works, who also serves as the Deputy Director-General of Infrastructure, Mobilization and Sensitization of the 2027 APC Presidential Campaign Council, Senator Engr. David Umahi, CON, was present at the ceremony to celebrate with his niece and the families of the newlyweds and was joined by the Governor of Lagos State, His Excellency Babajide Sanwo-Olu; Governor of Ogun State, His Excellency Dapo Abiodun, CON; and Governor of Abia State, His Excellency Dr. Alex Otti, who chaired the occasion.
In his opening remarks as Chairman of the occasion, Governor Alex Otti described marriage as a lifelong commitment and urged the newlyweds to embrace patience, understanding and tolerance as they begin their journey together.
With humour, the Abia State Governor stressed the permanence of marriage, telling the couple that they should approach their union with a strong commitment to making it work.
“I want to tell you in advance that I won’t be present and as such, I declare that this marriage is indissoluble,” he said.
In separate remarks, the parents of the bride and groom expressed gratitude and joy at witnessing the marriage of their children.
They praised Shekina and Shope for distinguishing themselves through their formative years and into adulthood, describing them as outstanding young people who had continued to make their families proud.
They prayed for God’s guidance, peace, happiness and prosperity in their marriage and wished them a fulfilling life together.
The Umahi family also formally welcomed the couple with the presentation of family gifts.
On behalf of the Umahi family, the Chairman of the Uburu Traditional Rulers Council, HRH Eze Laz Umahi, PhD, presented the gifts to the newlyweds.
The ceremony attracted a gathering of political leaders, statesmen and captains of industry.
Other governors present at the event included the Governor of Ebonyi State, Rt. Hon. Francis Nwifuru, represented by his deputy, Her Excellency Patricia Obila; Governor of Enugu State, His Excellency Peter Mbah, represented by his deputy, Barr. Ifeanyi Ossai; Governor of Kogi State, His Excellency Usman Ododo, represented by his deputy, Comrade Joel Oyibo; Governor of Edo State, Senator Monday Okpebholo, represented by the Commissioner for Public Safety and Security, Rt. Hon. Festus Ebea; and Governor of Anambra State, His Excellency Chukwuma Soludo, represented by the Commissioner for Information, Dr. Law Mefor.
Among the captains of industry, statesmen and
other distinguished personalities at the occasion were Mr. Tony Elumelu, Chairman of Heirs Holdings; Dr. Adebowale Adedokun, Director-General/Chief Executive Officer of the Bureau of Public Procurement; Admiral Alison Madueke, GCON, former Chief of Naval Staff; Mr. Oliver Alawuba, Group Managing Director of UBA, represented by Chidi Okpara; Prof. Patrick Utomi; Mr. Adebiyi Olalekan, Managing Director/Chief Executive Officer of Lorelei Construction Limited; Engr. Solomon Dacree; Ifeanyi Chukwuma Odii, Chairman of Orient Global Limited; Chief Ifeanyi Clement Okorie, Chairman of Rock Results Group; and Barr. Chioma Nweze, Senior Special Assistant to the President on Community Engagement (South East), among others.
The Ministry of Works was also represented at the ceremony, with the Minister of State for Works, Rt. Hon. Bello Goronyo; Senator Allwell Onyesoh, Chairman of the Senate Committee on Works; Hon. Akin Alabi, Chairman of the House Committee on Works; and Engr. Musa Saidu, Director of Highways, Bridges and Designs, among others, joining in the celebration.
Umahi, Sanwo-Olu
Other members of the Umahi family at the ceremony included HRH Eze Laz Umahi, PhD, Chairman of the Uburu Traditional Rulers Council; Barr. Roy Umahi, SAN, FCArb, of Roy and Associates; and Chief Austine Umahi (Anyanwu Igbo), Chairman of the Amino Kano University Board.
The wedding provided a memorable gathering of the two families, their friends and well-wishers, with guests celebrating the union and offering prayers and goodwill for a happy, peaceful and enduring marriage.
Francis Nwaze, FIPMD
Senior Special Assistant to the Honourable Minister of Works (Media)
Sunday 23, 2026
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Economy
Nigeria’s Diversity is Our Strengthen, Unity Must Remain Our Greates Asset, Says Minister Mohammed Idris
Nigeria’s Diversity is Our Strengthen, Unity Must Remain Our Greates Asset, Says Minister Mohammed Idris
The Honourable Minister of Information and National Orientation, Mohammed Idris, has described Nigeria’s diversity as a source of strength, urging citizens to promote unity and mutual understanding, noting that what binds Nigerians together is far greater than what divides them.
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Idris stated this on Friday, August 14, 2026, when he attended the wake-keep of the late Ukandi Placidus Ugar Ogar in Obudu, Cross River State, alongside family members, friends, and dignitaries, including the Deputy Governor of Cross River State, Rt. Hon. Peter Odey; former Governor of Cross River State, Senator Prof. Ben Ayade; Chief of Staff to the Governor of Cross River State, Dr. Emmanuel Ironbar; and the Cross River State Commissioner for Lands, Dr. Erasmus Ekpang.
The late Ukandi Placidus Ugar Ogar, who died at the age of 76, was an elder brother to Senator Ayade and Dr. Frank Ayade.
The Minister said the gathering reflected the richness of Nigeria’s diversity and the ability of citizens from different backgrounds to unite in solidarity.
“What I have seen today is the diversity of Nigeria and how it can be further harnessed to promote unity in this country. Nigerians from all walks of life are Nigerians first. Therefore, we must celebrate them wherever they are,” he said.
While expressing condolences to the bereaved family, Idris noted that the occasion also provided an opportunity to honour a life that fostered unity among people.
“It is a moment of sorrow that he has passed on, but also a moment of gratitude that he lived a worthy life, one that helped bring people together,” the Minister said.
He called on Nigerians to continue to promote unity and shared values, while leveraging the country’s diverse cultures and traditions as assets for national development.
“We must strengthen our unity, uphold our shared values, and also see our diversity as a resource that can contribute meaningfully to the growth of our economy,” he said.
Mohammed Idris
Idris reaffirmed that Nigeria’s strength lies in its people and their collective ability to rise above differences in pursuit of the common good.
Rabiu Ibrahim, mnipr
Special Assistant (Media) to the Honourable Minister of Information and National Orientation
Saturday, August 15, 2026
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EFCC FC Kano Wins Inter-Service Unity Cup, Defeats NAF FC 5-4
EFCC Football Club, Kano, has emerged champion of the Inter-Service Unity Cup after defeating NAF FC 5-4 on penalties in a thrilling final held at the Sani Abacha Stadium, Kano.
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The match initially ended 1-1 after regulation time.
The tournament was organised by the Coalition of Military and Paramilitary Agencies in Kano.
Speaking during his opening remarks at the final, the EFCC Kano Zonal Director, who represented the Executive Chairman of the Commission, Mr. Ola Olukoyede, commended the organisers for bringing together various security agencies through sports.
“Unity is one of the fundamentals of law enforcement. Bringing ourselves together to have football and soccer events is one of the ways of building this unity,” he said.
The Zonal Director thanked the participating teams, service commanders and all attendees for finding time to share in the spirit of friendship and brotherhood. He also acknowledged the humility and character displayed by all players who reached the final stage, stressing that such values are integral to the ethos of the nation’s security services.
He reaffirmed the EFCC’s commitment to initiatives that promote unity, performance and cohesion among colleagues, friends, and brothers in service, and conveyed the Chairman’s appreciation for the invitation.
EFCC FC Kano
In addition to their football victory, the EFCC team also emerged champions in the tug of war challenge organised by the same coalition, which featured participation from agencies under the coalition.
The competition was held at the Sani Abacha Stadium on July 24, 2026, where the EFCC team won three battles on the same day, defeating the Nigerian Army, the Nigeria Police Force, and the National Drug Law Enforcement Agency (NDLEA).
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