ICPC Hands Over Forfeited Abuja Estate to Mortgage Bank for Completion of 962 Housing Units
ICPC Hands Over Forfeited Abuja Estate to Mortgage Bank for Completion of 962 Housing Units
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over a forfeited estate in Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria (FMBN) for the completion of a 962-unit housing project, following a final forfeiture order by the Federal High Court.
The handover ceremony took place on Tuesday at the site of the abandoned Goodluck Jonathan Estate in Kaba District, with the Chairman of ICPC, Dr. Musa Adamu Aliyu (SAN), presenting the recovered property to the Managing Director and Chief Executive Officer of FMBN, Mr. Shehu Usman Osidi, in the presence of senior officials of both institutions.
Speaking at the event, Dr. Aliyu described the handover as a major milestone in Nigeria’s asset recovery and restitution efforts, stressing that recovered public assets must be returned to productive use for the benefit of citizens.
He explained that the land was part of a housing development initiated by FMBN in 2012 and financed through a $65 million loan secured by Good Earth Power Nigeria Limited in partnership with an American firm. The project was designed to deliver 962 housing units on about 27.92 hectares of land in Kaba District.
According to the ICPC chairman, investigations revealed that the entire loan was diverted, with no housing units constructed despite the disbursement of the funds. He added that part of the money was allegedly channelled through Bureaux de Change and transferred abroad.
He said the commission subsequently instituted both civil and criminal proceedings over the matter. While the civil case has been concluded, the criminal trial remains before the court.
Dr. Aliyu disclosed that on Dec. 11, 2025, the Federal High Court in Abuja, presided over by Justice M. G. Umar, granted a final forfeiture order in Suit No. FHC/ABJ/CS/1124/2025.
The court ordered the forfeiture of Plot No. 5 in Cadastral Zone D12, measuring approximately 122,015.80 square metres, and Plot No. 4 in the same district, measuring about 157,198.30 square metres, after determining they were suspected proceeds of unlawful activity.
The court further directed the Federal Republic of Nigeria, through the ICPC, to hand over the properties to FMBN as the victim of the alleged fraud.
In addition, the court mandated ICPC and FMBN to jointly monitor and supervise the completion of the 962 housing units and ensure that the houses are eventually allocated to their intended beneficiaries.
To achieve this, the court ordered the establishment of a joint implementation committee comprising representatives of both institutions. Dr. Aliyu said the ICPC would nominate officials from its Constituency and Executive Project Tracking Division to serve on the committee.
He emphasised that asset recovery is only meaningful when recovered assets are effectively managed and utilised, noting that the true measure of success would be the completion of the housing estate and its allocation to deserving Nigerian families.
The ICPC chairman reaffirmed the commission’s commitment to transparency, accountability and the efficient management of recovered assets in line with the National Anti-Corruption Strategy.
Responding, FMBN Managing Director Shehu Usman Osidi commended the ICPC for its diligence and professionalism in recovering and restoring the property for its original purpose.
He noted that the land had remained abandoned and unutilised for years, describing the handover as a demonstration of government’s commitment to safeguarding public assets and ensuring that recovered properties are deployed for projects that directly benefit Nigerians.
Osidi expressed confidence that the revived housing project would contribute significantly to expanding access to affordable housing and advancing the Federal Government’s housing agenda.
By TimesNG