CBN, IBRD, 12 banks risk losing property titles as Wike orders enforcement

Twelve banks, including the Central Bank of Nigeria (CBN), may lose their property titles as the Federal Capital Territory Administration (FCTA) begins enforcement actions on 1,095 property titles.

The property titles were revoked for non-payment of Ground Rent, Certificate of Occupancy (C-of-O) bills, Penalty/Violation fees, and Land Use Conversion fees.

According to a statement issued by Lere Olayinka, senior special assistant on Public Communications and Social Media to the FCT Minister, the affected properties are spread across by the Asokoro, Maitama, Garki, and Wuse districts of the FCT.

The statement further revealed that the property owners had ignored several notices published between May and November in newspapers, online platforms, and television broadcasts, urging them to settle their outstanding payments or risk losing their titles.

After the expiration of the final 14 days grace period on 25 November, 2025, Nyesom Wike, FCT minister, approved the commencement of enforcement actions on the 1,095 properties.

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The last directive from the FCTA directly touches properties held by hundreds of individuals, corporate entities, ministries, directorates, agencies and even governments.

The notice titled “Commencement of Enforcement Actions on Defaulters of Ground Rent Payments, Land Use Conversion Fee, C-of-O Bills” also listed several Nigerian banks, and the apex bank – Central Bank of Nigeria (CBN).

From the full list of 1095 properties published, three properties belonging to the CBN – Plot 461 in Garki II, Plot 2102 in Wuse II and Plot 33 in Central Area – are at risk of being repossessed by the FCT administration, over default in payment of ground rent. The arrears owed across all three properties amount to N92.28 million.

First Bank of Nigeria also has two properties at risk – plot 761 on Wuse II, and plot 1391 in Central area, with a total of N10,377,399.74 owed in ground rents.

Ecobank Nigeria Plc’s property on plot 1257, Wuse II is also on the line with N1,032,532.57 owed in ground rents, and Guaranty Trust Bank Plc’s property on plot 1072, Garki I is at risk with N2,270,713.50 ground rent arrears; and Standard Trust Bank Plc’s property on plot 832, Wuse II is at risk with a ground rent arrears of N611,358.

The defaulters list also include properties belong to legacy banks that have since been merged or acquired by other players in the industry.

NUB International bank limited (now under FCMB after several mergers) has one on plot 1355 in Garki II, with N94,714 owed in ground rents; Fountain trust bank plc (now under Keystone Bank after several acquisitions) also has one property on plot 673 in Wuse II, listed with ground rent debt of N112,262; Tropical commercial bank plc (now under Unity Bank Plc after merger) plot 3541 in Maitama, owes N658,915. Cooperative bank plc’s plot 563 in Garki I is also at risk with a debt of N367,877.

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The list includes defaulters who have failed to pay up their land use conversion charges, and now have to pay up the charges along with a N5 million penalty fee.

The International Bank for reconstruction & development (IBRD), the lending arm of the World Bank, also has a property on plot 433, Asokoro, on the line with N191 million unpaid land use conversion fees.

United Bank for Africa (UBA) plc’s property on plot 1723, Wuse II, has outstanding charges of N411,180,000; Continental Trust Bank (now under UBA after mergers)’s property on plot 1142, Wuse II with outstanding charges of N134,211,000.

Two properties – on plot 21, Wuse II and on plot 1707, Maitama – belonging to Diamond Bank Limited (now merged with Access Bank plc) have unpaid land use charges amounting to N268.98 million, also placing them on the red list.

Union bank of Nigeria Plc has outstanding charges of N467.77 million on a property at plot 762, Wuse II; Zenith Bank Plc has unpaid charges of N161.25 million on a property at plot 991, Maitama; FirstAtlantic Bank Plc (now under FCMB) has outstanding charges of N22.5 million on a property at plot 595, Garki I; and MBC International Bank Limited (now under First Bank of Nigeria) has a N52.5 million unpaid land use charges on a property at plot 1271, Garki I; placing them all at risk of the FCTA’s enforcement drive.

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