Nigerians in limbo as NDIC, Wema Bank fight over Banana Island properties

The Nigeria Deposit Insurance Corporation, NDIC, and Nigerian commercialized bank, Wema Bank, person been enmeshed successful a caller controversy, leaving Nigerians successful limbo.

The nation’s fiscal instauration insurer filed 2 caller suits, marked FHC/L/CP/466/26, connected Thursday astatine the Federal High Court successful Lagos against Wema Bank, seeking the betterment of disputed Banana Island properties valued astatine astir N125.38 cardinal and an alleged unauthorised outgo of N401 million.

Accordingly, the suits were filed nether the Failed Banks (Recovery of Debts) and Financial Malpractices successful Banks Act.

NDIC said its enactment forms portion of efforts to retrieve assets linked to the defunct slope whose licence was revoked by the Central Bank of Nigeria, CBN, successful January.

NDIC blamed Wema Bank, stating that the assets, which comprise 12 high-value properties successful Banana Island, Lagos, were acquired done companies linked to Gulf Bank earlier its collapse.

The lawsuit has placed Wema Bank successful a hard situation, with the anticipation of impacting customers’ spot and deposits.

Reacting successful a connection connected Friday, Wema Bank clarified that the properties successful question were taken implicit owed to delinquent indebtedness of N1.2 cardinal nether the defunct absorption of Gulf Bank.

The slope besides stated that the companies progressive are not the aforesaid arsenic Gulf Bank, contrary to NDIC’s claims....