The Independent Corrupt Practices and Other Related Offences Commission (ICPC), has formally handed over forfeited landed properties to the Federal Mortgage Bank of Nigeria (FMBN).
The properties were allegedly transferred to the FMBN in accordance with a final forfeiture order issued by the Federal High Court in the Kaba District, Abuja.
The handing over ceremony was held Tuesday at the site of Goodluck Jonathan Estate, Kaba District, Abuja, with the Chairman of ICPC, Musa Adamu Aliyu, SAN and the Managing Director/Chief Executive of FMBN, Mr Shehu Usman Osidi leading senior officials of both organisations.
Aliyu described the event as a major milestone in the efforts of asset recovery and restitution in Nigeria and emphasized the need for the return of recovered public assets for productive use for the public.
He said the forfeited land was part of a housing project embarked upon by FMBN in 2012 which was financed through a $65 million loan facility accessed by Good Earth Power Nigeria Limited in collaboration with an American company. The project was to build 962 housing units on approximately 27.92 hectares of land in Kaba District.
The ICPC Chairman said investigations showed that the loan was completely diverted and no housing units were constructed. He said some of the funds were allegedly channeled through Bureaux de Change and taken out of the country.
The matter has thus been the subject of both civil and criminal cases filed by the ICPC, the civil case having been concluded and the criminal case still pending.
Aliyu disclosed that the Federal High Court Abuja Judicial Division, presided over by Hon. Justice M. G. Umar, ordered a final forfeiture in Suit No. FHC/ABJ/CS/1124/2025, on 11th December 2025.
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The Court ordered the final forfeiture of Plot No. 5, Cadastral Zone D12, Kaba District, measuring approximately 122,015.80 square meters, and Plot No. 4, Cadastral Zone D12, measuring approximately 157,198.30 square meters, as properties believed to be proceeds of illegal activities.
The Court has also directed the Federal Republic of Nigeria through the ICPC to assist in the transfer of the forfeited properties to the FMBN which is acknowledged as the victim of the alleged unlawful activities.
The Court also ordered the ICPC, in conjunction with FMBN, to monitor and supervise the construction of the proposed 962 housing units until the completion and distribution to the intended end users.
He said the court also dismissed the application for the stay of execution of the judgment, and ordered the formation of a joint committee of representatives of the ICPC and the FMBN to effectively oversee the process.
He said the Commission would soon appoint its representatives and the Constituency and Executive Project Tracking Division would represent the ICPC on the committee.
The ICPC Chairman stressed that asset recovery must be followed by proper management, adding that the true measure of success for the Kaba District project will be the completion of the housing units and their equitable distribution to Nigerian families.
He gave assurance to the public of the ICPC’s unshakeable commitment to transparency, accountability and efficient management of recovered assets in line with the National Anti-Corruption Strategy.
The Managing Director and Chief Executive Officer of the Federal Mortgage Bank, Shehu Usman Osidi, in his speech, commended the ICPC for its diligence and professionalism in effecting the recovery of the property and its transfer for the stated purpose.
“This land has been set aside for the development of this estate and has been lying fallow for sometime. We appreciate the ICPC’s diligence in ensuring that all required due diligence and legal matters were fully undertaken.
“This is commendable especially as it shows a strong commitment to protection of public assets and the productive use of properties recovered or forfeited in the public interest for the benefit of Nigerians,“ he said.
