An octogenarian, Fela Agbe-Davies, has raised concerns about what he perceives as an encroachment on his property situated at 78 Igbhiadun Street in the Bolade area of Oshodi, Lagos State……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

In an interview with PUNCH Metro on Wednesday, Agbe-Davies expressed his distress over leasing the property to Onyx Microfinance Bank, a financial institution that was recently liquidated by the Central Bank of Nigeria.

He alleged that the Nigeria Deposit Insurance Corporation (NDIC) had taken control of the bank’s assets but had not vacated the distressed microfinance bank’s property, even after the rent became due in October 2023.

Agbe-Davies explained, “The building was leased to Onyx Microfinance Bank, but unfortunately, their license was withdrawn by the CBN, and they had to cease operations. 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 addressed to the NDIC, Agbe-Davies urged the corporation not to extend the tenancy of Onyx Microfinance Bank or NDIC, expressing his unwillingness to renew their occupancy.

The letter stated, “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 at NDIC, Bashir Nuhu, affirmed that there was no dispute over the ownership of the property. However, he stated that the agency would bear the increased rent costs until the liquidated bank’s assets were disposed of.

Nuhu explained, “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.”