The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over a forfeited estate in Abuja to the Federal Mortgage Bank of Nigeria (FMBN) for the completion of 962 housing units.
The handover took place on Tuesday, July 21, at the Goodluck Jonathan Estate in Kaba District, Abuja, in compliance with a final forfeiture order issued by the Federal High Court in Abuja.
ICPC Chairman Musa Aliyu formally handed over the recovered properties to FMBN Managing Director, Shehu Usman Osidi, in the presence of senior officials from both institutions.
The forfeited assets include Plot No. 5 in Cadastral Zone D12, Kaba District, measuring about 122,015.80 square metres, and Plot No. 4 in the same district, measuring approximately 157,198.30 square metres.
The Federal High Court had, in December 2025, ordered the final forfeiture of the properties to the federal government after finding that they were suspected proceeds of unlawful activities.
The court further directed the ICPC to transfer the recovered properties to the Federal Mortgage Bank of Nigeria, identified as the victim of the fraud, and to supervise the completion of the proposed 962 housing units.
Speaking during the ceremony, Aliyu said the housing project was initiated by FMBN in 2012 and financed through a $65 million loan facility secured by Good Earth Power Nigeria Limited in partnership with an American company.
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 investigations revealed that the loan was diverted.
He said ICPC investigations showed that no housing units were constructed despite the disbursement of the funds, adding that part of the money was routed through bureau de change operators and moved out of the country.
Aliyu reiterated the commission’s commitment to transparency, accountability and the effective management of recovered assets in line with the National Anti-Corruption Strategy.
The housing project is linked to the ongoing prosecution of former FMBN Managing Director Gimba Ya’u, former bank director Bola Ogunsola and Tarry Rufus, Managing Director of T-Brend Fortunes Nigeria Limited.
The trio were arraigned by the ICPC before the Federal High Court in Abuja in November 2024 over the diversion of the $65 million housing fund meant for the construction of the estate.
Receiving the recovered property, FMBN Managing Director Shehu Osidi commended the ICPC for ensuring the recovery of the estate and expressed optimism that the long-abandoned housing project would now be completed.
He described the handover as a major step towards delivering affordable housing to Nigerians, noting that the estate had remained abandoned for years despite its strategic importance.
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