The Independent Corrupt Practices and Other Related Offences Commission has handed over a forfeited housing project in Abuja to the Federal Mortgage Bank of Nigeria for the completion of 962 housing units.
The handover took place on Tuesday at the Goodluck Jonathan Estate in Kaba District, Abuja, in compliance with a final forfeiture order issued by the Federal High Court in Abuja.
The development was disclosed in a statement published by the anti-graft agency, with ICPC Chairman, Musa Aliyu, and the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, leading officials of both institutions at the ceremony.
The court had, in December 2025, ordered the final forfeiture of two landed properties in Kaba District, Abuja, after they were identified as proceeds of alleged unlawful activities.
The affected properties include Plot No. 5 in Cadastral Zone D12, measuring about 122,015.80 square metres, and Plot No. 4 in the same cadastral zone, measuring approximately 157,198.30 square metres.
The Federal High Court directed the Federal Government, through the ICPC, to transfer the recovered properties to FMBN as the victim of the alleged fraud and mandated the commission to monitor and supervise the completion of the proposed 962 housing units.
Speaking during the handover, Aliyu said the housing project was initiated by FMBN in 2012 and financed with a $65 million loan secured by Good Earth Power Nigeria Limited in partnership with an American firm.
According to him, the project was designed to deliver 962 housing units on about 27.92 hectares of land in Kaba District but was abandoned after the loan funds were allegedly diverted.
Aliyu said investigations by the commission revealed that the entire loan was diverted without the construction of any housing unit, adding that part of the funds was allegedly channelled through bureau de change operators and moved outside the country.
He reiterated the commission’s commitment to transparency, accountability and the proper management of recovered assets in line with the National Anti-Corruption Strategy.
The case is linked to the prosecution of former FMBN Managing Director, Gimba Ya’u, who was arraigned by the ICPC in November 2024 over the alleged diversion of the $65 million housing fund meant for the construction of the estate.
Ya’u was charged alongside former FMBN Director, Bola Ogunsola, and the Managing Director of T-Brend Fortunes Nigeria Limited, Tarry Rufus, before the Federal High Court in Abuja.
Responding, Osidi commended the ICPC for facilitating the recovery of the property and pledged that the bank would work towards completing the long-abandoned housing estate.
“This land, on which this estate is to be developed, has, for some time, been abandoned and left unutilised. We deeply appreciate the ICPC for ensuring that all necessary due diligence and legal considerations were carefully undertaken,” he said.
The recovery and transfer of the project is expected to boost the Federal Government’s affordable housing drive by enabling the completion of the 962 housing units originally planned for the estate.
