$65 Million Fraud: ICPC Takes Over Recovered Abuja Estate

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over forfeited landed properties in Abuja to the Federal Mortgage Bank of Nigeria (FMBN) following a final forfeiture order issued by the Federal High Court.

According to Ireporter Online, the properties, located in Kaba District, Abuja, were officially transferred to the FMBN during a ceremony held on Tuesday at the Goodluck Jonathan Estate site.

The handover was led by ICPC Chairman, Musa Adamu Aliyu, SAN, alongside the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, as well as senior officials from both institutions.

Aliyu described the development as a significant milestone in Nigeria’s asset recovery efforts, stressing that recovered properties must be converted into productive projects that benefit citizens.

He explained that the properties were originally linked to a housing development project initiated by the FMBN in 2012, which was financed through a $65 million loan facility 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 in Kaba District. However, investigations by the ICPC reportedly revealed that the loan funds were diverted, with no housing units constructed.

The anti-corruption agency further alleged that part of the funds was transferred through Bureau de Change operators and moved outside the country.

Following its investigation, the ICPC commenced both civil and criminal proceedings over the matter. While the civil aspect has been concluded, the criminal case remains ongoing.

The commission disclosed that the Federal High Court in Abuja, presided over by Justice M. G. Umar, issued a final forfeiture order on December 11, 2025, directing that the properties be permanently forfeited to the Federal Government.

The forfeited assets include Plot No. 5 in Cadastral Zone D12, Kaba District, measuring approximately 122,015.80 square metres, and Plot No. 4 in the same area, covering about 157,198.30 square metres.

The court directed that the properties be transferred to the FMBN, identified as the victim of the alleged unlawful activities, and mandated both the ICPC and the bank to supervise the completion of the proposed 962 housing units.

A joint committee comprising representatives from the ICPC and FMBN will oversee the development process to ensure transparency, accountability and proper allocation of the completed housing units.

Aliyu stated that the success of the recovery effort would not only be measured by the return of the properties but by the completion of the housing project and its eventual delivery to deserving Nigerians.

He assured citizens that the ICPC would continue to ensure recovered public assets are properly managed in line with the National Anti-Corruption Strategy.

Speaking during the event, FMBN Managing Director Shehu Usman Osidi commended the ICPC for its role in recovering and restoring the property for its original purpose.

Osidi noted that the land had remained unused for years despite being designated for housing development, adding that the transfer represents a commitment to protecting public assets and ensuring recovered properties serve the interests of Nigerians.