The Nigeria Deposit Insurance Corporation has explained why it revoked a house sale contract involving Senator Farouk Bunza.
The property is located at Banana Island, Ikoyi, Lagos.
NDIC said the decision was based on non compliance with the terms of sale.
The house was initially offered at N4.5 billion.
NDIC explained that a statutory review showed the terms were not in the best interest of stakeholders.
A revised offer was made to the senator.
Senator Bunza reportedly rejected the new terms.
NDIC stated that the property will now be offered for open bidding.
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