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

The Nigeria Deposit Insurance Corporation (NDIC) filed two new lawsuits against Wema Bank to recover Banana Island properties valued at approximately N125.38 billion and an unauthorized payment of N401 million. NDIC claims these assets are linked to Gulf Bank, whose license was revoked in January. Wema Bank disputed these allegations, stating that the companies involved are not the same as those of Gulf Bank, but acknowledged connections to the properties in question.