The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has officially transferred forfeited landed properties in Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria (FMBN) following a final forfeiture order issued by the Federal High Court.
The handover took place on Tuesday at the Goodluck Jonathan Estate site in Kaba District and was attended by ICPC Chairman Dr. Musa Adamu Aliyu (SAN), FMBN Managing Director Shehu Usman Osidi, and senior officials from both organisations.
According to Dr. Musa Adamu Aliyu, the Kaba District housing project was launched by FMBN in 2012 with funding from a $65 million loan secured by Good Earth Power Nigeria Limited in partnership with an American company. The project was designed to deliver 962 housing units on about 27.92 hectares of land. However, investigations showed that the loan was completely diverted, no houses were built, and part of the funds was allegedly moved abroad through Bureaux de Change.
The ICPC pursued both civil and criminal proceedings, with the civil case now concluded while the criminal trial continues. Aliyu disclosed that on 11 December 2025, the Federal High Court, presided over by Justice M. G. Umar, ordered the final forfeiture of Plots 4 and 5 in Cadastral Zone D12, Kaba District, describing them as proceeds of unlawful activities.
The court also directed the ICPC to transfer the recovered properties to FMBN, recognised as the victim of the alleged fraud. In addition, the court ordered both organisations to jointly supervise the construction of the planned 962 housing units and ensure they are allocated to the intended beneficiaries. A joint committee made up of representatives from both agencies will oversee the project.
Aliyu stressed that asset recovery is only meaningful when recovered properties are properly managed and used for public benefit. He reaffirmed the commission’s commitment to transparency and accountability under the National Anti-Corruption Strategy.
Responding, Shehu Usman Osidi thanked the ICPC for recovering the land and ensuring it would finally serve its original purpose of providing affordable housing for Nigerians.
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