Business
How David Mark illegally acquired official residence of the Senate President – FG Reveals
The Federal Government has accused a former Senate President, David Mark, of illegally acquiring his then official residence as his private property.
In September this year, the government, through the Special Presidential Investigation Panel for the Recovery of Public Property, which is chaired by Chief Okoi Obono-Obla, gave the former Senate President a 21-day notice to quit the mansion.
The notice to quit, however, asked Mark to “show cause” why the Federal Government should not “enforce the recovery of the property for public good.”
But Mark had quickly filed a suit before the Federal High Court in Abuja to quash all steps taken by the panel to evict him and recover the house from him.
The case has not been heard.
The PUNCH, on Monday, obtained from court sources, copies of documents, including exhibits, filed by the former Senate President in his suit challenging the recovery process.
The Senate President’s official residence is sited on 1.6 hectares of land at 1 Musa Usman Street, (also known as No. 1 Chuba Okadigbo Street), Apo Legislative Quarters, Gudu, Abuja.
According to title documents, the property comprises eight structures, made up of the main house, ADC/chief security detail’s house, guest chalet, security/generator house, boys quarters, security post, driver/servants’ quarters and chapel.
The eight structures are said to be properly spaced and linked with well-paved drive and walkways and further done with lawns.
Mark, the senator, currently representing Benue South in the National Assembly, is accused of illegally acquiring the property with the approval of former President Goodluck Jonathan despite that such property was excluded from the monetisation policy of the Federal Government.
Copies of correspondences and other documents, leading to the purchase and eventual handover of the property to Mark in April, 2011, showed that the serving senator purchased the property at a “reserved price” of N673,200,000.
Meanwhile, in his letter, dated October 28, 2010, seeking the then President Jonathan’s approval for the sale of the property, the then Minister of the Federal Capital Territory, Mr. Bala Mohammed, had indicated that the open market value of the property was N748,000,000.
In addition, the then minister specifically stated that the Federal Executive Council had, in 2004, mandated the Federal Capital Territory Administration to sell all Federal Government’s “non-essential housing units in Abuja under specific rules and guidelines.”
Exempted from this arrangement are the official residences of the Senate President, the Deputy Senate President, the Speaker of the House of Representatives and the Deputy Speaker.
He stated that the exemption was “expressly contained in the Federal Government of Nigeria’s Official Gazette No. 82, Vol. 92 of August 15, 2005.”
In justifying the request for the then President’s approval for the sale, the former minister noted that all the houses in Apo Legislative Quarters, with the exception of the official residences of the four principal officers of the National Assembly, had been sold to the legislators occupying them at the time or the general public, under the Federal Government’s monetisation arrangement.
The former minister however stated that sale of other houses in the Apo Legislative Quarters had “altered the general security provision for the area and extension, the security of the leading principal officers of the National Assembly.”
The letter added, “This lapse in the general security provision of the area led the National Assembly to unofficially rent residential accommodation for its leading principal officers in more secure areas within the city.”
It also stated that due to the security concerns, the four houses of the leading principal officers “will no longer have the status of ‘essential properties’,” hence the FCTA “has made provision in the budget to construct residential accommodation for the leading principal officers of the National Assembly where the general security is befitting the status of the officers.”
The then minister had stated that the Senate President’s residence had an open market value of N748,000,000; the Speaker’s N670,000,000; the Deputy Senate President’s N458,000,000; and the Deputy Speaker’s N348,500,000.
What appeared on the then minister’s letter as Jonathan’s hand-written approval of the request dated November 15, 2010, read, “Para 6 and 8 approved. Also see if this could be gazetted.
“N/B: Ensure that the new residences are ready early next year.”
By a letter, with reference number PRES/83/FCTA/18 and dated November 18, 2010, Jonathan conveyed his approval to the then minister’s request for the sale of the Senate President’s official residence.
The letter, addressed to the FCT minister and titled, ‘Re: Sale of Residential Houses Occupied by Leading Principal Officers of the National Assembly’, was signed by the then President’s Senior Special Assistant (Admin), Matt Aikhionbare.
The letter read in part, “I am directed to forward Reference A to you and to convey to you, Mr. President’s approval of paragraphs 6 and 8 and further directive on page 2 in line with the earlier approval of 27/06/2010.”
But by a letter with reference number SPIP/INV/2017/VOL.1/17 and dated September 5, 2017, the Obono-Obla-led Special Presidential Investigation Panel for the Recovery of Public Property insisted that Mark acquired the “national monument” in clear breach of the monetisation policy of the Federal Government.
The letter, signed by Obono-Obla and titled ‘Investigation activities: Notice to recover public property in your care’, and addressed to Mark, stated in part, “The extant Monetisation Policy of the Federal Government, as enunciated and still being implemented, excludes all Principal Officers of the National Assembly and hence places the responsibility on the Federal Government to provide accommodation for them, same which you allegedly illegally appropriated.”
The letter asked Mark “to take steps within the next 21 days to vacate the said property or show cause why the government of the Federal Republic of Nigeria should not enforce the recovery of the said property for public good.”
It added, “You are further being notified pursuant to the Recovery Property (Special Provisions) Act, 1983, to complete and return within 30 days the attached Form B (Declaration of Assets Form) to the office of the undersigned.”
But Mark, through his lawyer, Ken Ikonne, filed the suit marked FHC/ABJ/CS/1037/2017 before the Federal High Court in Abuja, insisting that he legally acquired the property through a “walk-in bid” at the behest of the FCTA.
He also contended that the recovery process initiated by the Federal Government was unconstitutional.
The Attorney General of the Federation and Obono-Obla are joined as respondents to the suit.
Among his prayers, Mark sought “a declaration that the unilateral declaration by the defendants that the plaintiff’s acquisition” of the property “is illegal and the order compelling the plaintiff to vacate the aforesaid property” without affording him “a hearing,” amounted to a denial of his “fundamental rights to fair hearing and property, and are therefore unconstitutional and void.”
He also sought a declaration that “the service by the defendants on the plaintiff of the Notice to Declare His Assets (Form A) and the Assets Declaration Form B is unconstitutional and thus void.”
He sought “an order quashing” the defendants’ declaration of his acquisition of the aforesaid property as illegal, and another order “quashing the order of the defendants” compelling him to vacate the aforesaid property.”
He also applied for an order of the court “quashing the Notice to Declare Assets Form A and the Assets Declaration Form B” served on him and “a perpetual injunction restraining the defendants, jointly and severally” or through any agent “from evicting the plaintiff from the said property, or recovering same from him.”
Mark said he was occupying the said property in 2010 when the FCTA, “citing security concerns”, decided to construct new official residences for the leadership of the National Assembly, including the President of the Senate, in a more secure and conducive environment.”
According to the former Senate President, the FCTA had insisted that the reserve price of N673,200,000.00 reflected the open market value of the property.
He added that the valuers of the FCT that inspected and carried out a valuation of the property had put the “replacement cost” of the property at N492,700,000.
He said he duly accepted the offer on April 21, 2011 and paid the “agreed purchase price to the Ad hoc Committee on Sale of FGN Houses” on April 27, 2011.
He said the house now served as his family home in Abuja.
But he said surprisingly he was on October 9, 2017 served a letter of investigation activities dated September 5, 2017, by the Okono-Obla-led panel.
He stated in his suit that, “the defendants (AGF and Obono-Obla) unilaterally, and without affording me any hearing at all, and without any order of any court, declared my acquisition of the said property illegal, and ordered me to vacate the said property failing which the defendants would enforce the recovery of the property against me.”
EFCC grills Benue senator for seven hours, seizes passport
Meanwhile, the Economic and Financial Crimes Commission, on Monday, interrogated the immediate past Senate President, David Mark, for seven hours, The PUNCH has learnt.
Impeccable sources within the EFCC told one of our correspondents that Mark’s passport was also seized before he was allowed to go on an administrative bail.
The PUNCH learnt that Mark, who served as Senate President from 2007 to 2015, arrived at the Abuja office of the EFCC around 12noon and was released at 7pm.
The source added, “The former Senate President arrived around 12pm and spent seven hours responding to several questions from detectives.
“He was released at 7pm on the condition that he must submit his passport to the commission which he did.
“Senator Mark is expected to return soon to answer more questions”
The former Senate President is expected to account for over N5.4bn slush cash and campaign funds allegedly traced to him.
He was alleged to have received over N500m from the government of former President Goodluck Jonathan during the build-up to the 2015 presidential election.
The money is alleged to have been part of the $2.1bn meant for arms procurement.
The Senator, who has been representing Benue-South Senatorial District since 1999, is also accused of sharing N2.9bn to his colleagues while presiding over the upper legislative chamber.
The former Senate President has, however, denied all the allegations levelled against him.
In a statement on Sunday, Mark said, “To set the records straight, Senator Mark was invited by the EFCC via a letter addressed to the National Assembly to answer questions on the 2015 presidential election campaign funds as it concerned Benue State.
“As a law-abiding citizen, Senator Mark honoured the invitation.
“Curiously, they also alleged that the PDP paid over N2bn into the National Assembly’s account which he, as then President of the Senate, allegedly shared among the 109 senators, including PDP, Action Congress of Nigeria and All Nigerian Peoples Party (members) in 2010.
“Again, to the best of his knowledge, Senator Mark is not aware of such transactions. This simply did not make sense to any right thinking member of society.
“Senator Mark wondered why anybody would think that PDP will pay money into National Assembly account. He, however, clarified all the issues raised before returning home.”
Bank
Wema Bank Plc Sets the Record Straight on False and Misleading Publication by NDIC on Legacy Transactions Involving Defunct Gulf Bank Plc
Wema Bank Plc Sets the Record Straight on False and Misleading Publication by NDIC on Legacy Transactions Involving Defunct Gulf Bank Plc
General Comments
Wema Bank Plc has noted with concern recent media publications containing false, misleading, and wholly unsubstantiated allegations regarding the sale of certain Banana Island properties purportedly linked to the defunct Gulf Bank Plc. We unequivocally reject these claims, which are inaccurate, malicious, and clearly intended to distort the true position. For the benefit of our stakeholders—shareholders, customers, regulators, and the general public—we set out below the factual background to the transaction.
The Original Exposure and Default
In 2002, Wema Bank Plc (the Bank) made an inter-bank placement with Gulf Bank Plc in the sum of ₦4.6 billion. By August 2004, that exposure had been reduced to approximately ₦1.2 billion, after which the outstanding obligation became delinquent. In seeking to recover depositors’ and shareholders’ funds, Wema Bank pursued lawful recovery steps, which ultimately dovetailed into a criminal investigation of the then Managing Director of Gulf Bank Plc.
Based on the investigation of the Economic and Financial Crimes Commission (EFCC), the funds were found to have been diverted and used to acquire properties in Banana Island, Lagos, through two separate companies Bacad Finance & Investment Company Ltd (now known as Supra Commercial Trust Limited) and Euston Wenberg Eng Ltd. It is important to note that neither Bacad Finance & Investment Company Ltd (nor its successor, Supra Commercial Trust Limited) nor Euston Wenberg Eng Ltd is one and the same as Gulf Bank Plc. They are separate and distinct entities with no identity or equivalence to Gulf Bank. And the two companies are not subject to NDIC supervision.
In the course of its investigation, the EFCC conducted asset-tracing exercises that uncovered significant underlying fraud on a substantial scale. Following the EFCC’s findings, Bacad Finance & Investment Company Ltd and Euston Wenberg Eng Ltd voluntarily relinquished their proprietary interests in the Banana Island properties towards the satisfaction of Gulf Bank Indebtedness to Wema Bank. That process formed part of Wema Bank’s lawful recovery efforts and underscores the legitimacy of its actions against Gulf Bank.
NDIC’s Acknowledgment, Admission of Indebtedness, and Payment of Shortfall.
Critically, following the liquidation of Gulf Bank, Nigeria Deposit Insurance Corporation (NDIC) admitted Gulf Bank’s indebtedness to Wema Bank in two separate letters:
A letter dated September 26, 2007, addressed to the Federal Land Registry; and
A letter dated June 10, 2009, addressed directly to Wema Bank Plc.
These letters constitute clear and formal recognition by the NDIC of the validity of Wema Bank’s claim against the defunct Gulf Bank and its interest over the property in question. Fortunately, both letters form part of the documents frontloaded by NDIC lawyer Dr. Dada Awosika SAN in court in the ongoing proceedings before Justice Allagoa of the Federal High Court Lagos.
Furthermore, after the sale of the properties, the NDIC in fact paid to Wema Bank, the shortfall of what was due to the Bank. These facts demonstrate that the NDIC was not only aware of the transaction but actively participated in settling the outstanding balance following the sale.
In light of the foregoing:
the voluntary relinquishment by Bacad (now Supra Commercial Trust Limited) and Euston Wenberg (distinct entities not constituting Gulf Bank), of the properties in Banana Island for the settlement of the indebtedness of the defunct Gulf Bank
the NDIC’s formal admission of Gulf Bank’s indebtedness to Wema Bank via its letters of September 26, 2007 (to the Federal Land Registry) and June 10, 2009 (to Wema Bank), both of which have been frontloaded in court by NDIC itself, and the acknowledgement of the relinquishment of the Banana Island properties, and
the NDIC’s own payment of the shortfall to Wema Bank,
NDIC is precluded from and cannot in good faith contest the relinquishment of those interests or the appropriateness of Wema Bank’s recovery efforts.
While we acknowledge that the NDIC has recently commenced two separate actions against Wema Bank at the Federal High Court, Lagos, purportedly in its capacity as liquidator of Gulf Bank Plc pursuant to a winding-up order, those proceedings do not alter the material facts stated above. As these matters are currently before the court and therefore sub judice, Wema Bank will refrain from commenting further on issues that fall for judicial determination. The Bank is taking all necessary steps to contest the suits filed in court and will explore all legal and legitimate means to protect its rights and interests.
Conclusion
Wema Bank Plc remains steadfast in its commitment to the highest standards of corporate governance, regulatory compliance, and transparency. We reaffirm our dedication to ethical and prudent banking practices and assure our shareholders, customers, regulators, and all relevant stakeholders that the Bank will continue to act responsibly, lawfully, and in the best interests of all parties it serves. The Bank will continue to exert its rights and will not succumb to the shenanigans of unscrupulous individuals who want to reap where they did not sow.
FOR FURTHER INFORMATION:
For further information, please contact:
Johnson Lebile
General Counsel/Legal Adviser
About WEMA Bank Plc
Wema Bank Plc (NGX: WEMABANK) is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders. Wema Bank operates a network of over 150 branches and service stations backed by a robust ICT platform. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals.
More information can be found at https://www.wemabank.com/about-us/
Business
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
– Ivorycoast, Cot’devouir
Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.
The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.
The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.
Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.
According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.
> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.
He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.
> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.
Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.
Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.
Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.
He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.
Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:
1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.
2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.
3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.
He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.
> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.
For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.
Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.
UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.
According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.
Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.
UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
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