80-year-old man, NDIC bicker over distressed bank’s property

An 80-year-old man, Fela Agbe-Davies, has cried out over what he described as encroachment on his property located at 78 Igbhiadun Street in the Bolade, Oshodi area of Lagos State.

In an interview with PUNCH Metro on Wednesday, Agbe-Davies lamented that he had leased the property to Onyx Microfinance Bank, which the Central Bank of Nigeria recently liquidated.

He further claimed that the Nigeria Deposit Insurance Corporation had assumed control of the bank’s holdings but had refused to vacate the distressed microfinance bank’s property even after the rent was due in October 2023.

Agbe-Davies said, “The building was leased to Onyx Microfinance Bank but unfortunately their licence was withdrawn by the CBN and they had to stop their operation. The microfinance bank’s tenancy also ended last year in October and the NDIC took over their property after the CBN liquidated the company. Sadly, the NDIC has refused to clear the bank’s assets away from my building and it is restricting me from renting the apartment to other tenants.

“This is the fourth month now and I even got a lawyer to help me speak with them. The lawyer called them and sent several messages to them. At first, they responded quite well but at some point, they kept ignoring our calls.

In a letter sent to our correspondent, Agbe-Davies appealed to the NDIC, stating that he was not willing to extend the bank’s or the NDIC’s tenancy.

 The letter read, “Our attention has been drawn to the alleged revocation of our client’s tenant, Onyx Microfinance Bank Ltd. (hereinafter referred to as “The Bank” …wherein the bank’s assets and liabilities were taken over by the Nigeria Deposit Insurance Corporation.

 “As you are aware, the bank occupies a three bedroom flat, together with two rooms (hereinafter referred to as the “Office Space”). The bank’s tenancy had since expired on October 31, 2023. Consequently, our client is unwilling to renew the tenancy of the bank and or the NDIC, as the case may be, and as such, they are expected to deliver up vacant possession of the office space to our client forthwith.”

 When contacted, the Director of Communication and Public Affairs, NDIC, Bashir Nuhu, confirmed that the ownership of the property wasn’t in contestation but that the agency would bear the higher rent costs until the liquidated bank’s assets were disposed of.

He said, “The property owner’s law firm wrote to the NDIC on November 6 and we responded on November 9. We wrote a letter appealing to the landlord that we will pay the rent till when we can dispose of the assets. We will be responsible for the rent till the day we dispose of the assets. The property owner’s law firm has not responded to us to date.”