NDIC Sues Wema Bank Over Alleged N125.38bn Banana Island Assets

The Nigeria Deposit Insurance Corporation (NDIC), acting as liquidator of the defunct Gulf Bank Plc, has filed two separate suits against Wema Bank Plc at the Federal High Court in Lagos over disputed Banana Island properties valued at about N125.38 billion, alongside an alleged unauthorised payment of N401 million.
The suits, brought under the Failed Banks (Recovery of Debts and Financial Malpractices in Banks) Act, form part of NDIC’s ongoing efforts to recover assets linked to the liquidation of Gulf Bank Plc nearly two decades after its collapse.
Court filings indicate that the disputes centre on two sets of six luxury properties located in Banana Island, Lagos, which NDIC said we...