NDIC Moves to Recover N125bn Banana Island Properties from Wema Bank

The Nigeria Deposit Insurance Corporation has filed two suits at the Federal High Court in Lagos to recover six Banana Island properties valued at N62.07bn and another six plots worth N62.9bn. It is also seeking the return of an alleged unauthorized N401m payment. In the first suit, NDIC says Wema Bank held assets traced to Euston Wenberg Engineering without any record of the N771.79m interbank placement. The regulator alleges the bank then treated a loan as a sale by presenting managers’ cheques totalling N250m, far below market value. The second case targets plots acquired through Bacad Finance (now Supra Commercials). NDIC claims Wema Bank took possession without a valid mortgage and sold them via cheques for N524m. The regulator has referred the matter to the EFCC and the court will hear jurisdictional objections on June 25, 2026.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.