Nigeria’s Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over forfeited land in Abuja to the Federal Mortgage Bank of Nigeria (FMBN) following a court order, paving the way for the completion of a stalled 962-unit housing project linked to an alleged loan diversion scheme.
The handover took place at the Goodluck Jonathan Estate site in Kaba District, Abuja, where ICPC Chairman Dr. Musa Adamu Aliyu, SAN, formally transferred the recovered properties to FMBN Managing Director and Chief Executive Officer, Mr. Shehu Usman Osidi.
Dr. Aliyu described the event as a major step in Nigeria’s efforts to recover and restore public assets, stressing that recovered properties should be returned to productive public use.
According to the ICPC chairman, the land formed part of a housing project 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 firm.
The project was designed to deliver 962 housing units on approximately 27.92 hectares of land in Kaba District, a growing residential area of Nigeria’s capital.
However, investigations by the anti-corruption agency found that the loan was allegedly diverted in its entirety, with no housing units constructed despite the funds being disbursed.
Aliyu said some of the funds were allegedly routed through Bureaux de Change and transferred abroad. The findings prompted ICPC to initiate both civil and criminal proceedings.
While the civil proceedings have been concluded, the criminal case remains before the courts.
Court Orders Asset Forfeiture
Aliyu disclosed that on December 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 order covered Plot No. 5 in Cadastral Zone D12, Kaba District, measuring approximately 122,015.80 square metres, and Plot No. 4 in the same zone, measuring approximately 157,198.30 square metres.
The court ruled that the properties were suspected proceeds of unlawful activity and ordered their final forfeiture to the Federal Government.
It further directed the Federal Republic of Nigeria, through ICPC, to hand over the recovered land to FMBN, which the court identified as the victim of the alleged unlawful activity.
The Federal Mortgage Bank of Nigeria is the country’s primary public mortgage institution, responsible for supporting affordable housing and mortgage financing.
Joint Oversight for Housing Project
Beyond the transfer of ownership, the court directed ICPC and FMBN to jointly supervise the construction of the proposed 962 housing units and ensure their eventual allocation to the intended beneficiaries.
The court also ordered the establishment of a joint committee comprising representatives of both institutions to oversee project implementation and monitoring.
Aliyu said ICPC would immediately nominate representatives from its Constituency and Executive Project Tracking Division to serve on the committee.
He stressed that recovering assets alone does not represent complete success unless the assets are effectively managed and utilised for public benefit.
“The ultimate measure of success in the Kaba District project would be the completion of the housing units and their fair allocation to Nigerian families,” he said.
The ICPC chairman reaffirmed the commission’s commitment to transparency, accountability and the effective management of recovered assets in line with Nigeria’s National Anti-Corruption Strategy.
FMBN Welcomes Recovery Effort
Speaking at the event, FMBN Managing Director Shehu Usman Osidi praised the ICPC for what he described as its diligence and professionalism throughout the recovery process.
He noted that the land had remained abandoned and unused for several years, delaying the delivery of housing originally intended for Nigerians.
“We deeply appreciate the ICPC for ensuring that all necessary due diligence and legal considerations were carefully undertaken,” Osidi said.
“This action is particularly commendable because it demonstrates a strong commitment to protecting public assets and ensuring that properties recovered or forfeited in the public interest are put to productive use for the benefit of Nigerians.”
