Nigeria, May 15 -- The Nigeria Deposit Insurance Corporation (NDIC), acting as liquidator of the defunct Gulf Bank Plc, has filed two separate suits against Wema Bank at the Federal High Court in Lagos, seeking the recovery of disputed Banana Island properties valued at about N125.38 billion and an alleged unauthorised payment of N401 million.

According to court documents shared with PREMIUM TIMES on Thursday, the case marked FHC/L/CP/466/26 and another companion suit, were filed under the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act.

The NDIC said the action forms part of efforts to recover assets linked to the defunct bank, whose licence was revoked by the Central Bank of Nigeria (CBN) in January.

At the c...