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.

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The Economic and Financial Crimes Commission (EFCC) has recovered over ₦9.4 billion, $21.2 million and several landed properties in its ongoing investigation into alleged diversion of funds meant for the rehabilitation and turnaround maintenance of Nigeria’s refineries.

At the official exchange rate of ₦1,380 to a dollar published by the Central Bank of Nigeria (CBN) on Friday, the recovered $21.2m is about ₦29.26bn, bringing the total cash recovery so far to about ₦38.66bn.

The recoveries come as part of a wide-ranging probe into the management of billions of dollars released for the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

Sources familiar with the probe told Premium Times that the investigation focuses on allegations of criminal conspiracy, breach of trust, diversion of public funds, economic sabotage, abuse of office and money laundering.

Those under investigation include officials of the Nigerian National Petroleum Company Limited (NNPCL), its subsidiary, NNPC Engineering and Technical Company Limited, former and current managing directors of the Port Harcourt, Warri and Kaduna refineries and key contractors, including Daewoo Engineering Nigeria Limited and Tecnimont SPA.

Between 2021 and 2023, the Federal Government through NNPCL awarded refinery rehabilitation contracts worth about $2.79bn.

The contracts include some $740.7m for the Kaduna Refining and Petrochemical Company, $492.3m for the Warri Refining and Petrochemical Company and $1.56bn for the Port Harcourt Refining Company.

Investigators said they found no evidence of a commensurate improvement in the operational status of the refineries despite the massive financial commitment.

According to EFCC sources, a substantial amount of the funds were allegedly diverted, misappropriated or fraudulently disbursed by officials entrusted with the execution of the projects.

Investigators have looked at procurement procedures, contract payments, levels of execution of projects and alleged weaknesses in financial controls.

It is reported that more than 30 senior officials of NNPCL and over 50 officials of contractors and subcontractors involved in the rehabilitation contracts have been interrogated.

The commission also sought information from the Corporate Affairs Commission (CAC), the Central Bank of Nigeria (CBN) and some commercial banks during the course of the investigation.

One of the officials named in the probe and accused of abuse of due process in the execution of the refinery rehabilitation contract was a former Managing Director of the Port Harcourt Refinery, Ahmed Dikko.

Investigators alleged Dikko approved direct payments to contractors from provisional sum funds, contrary to contractual provisions that such contractors had to be engaged and paid by Tecnimont.

The EFCC said it traced ₦983.9m, $227,030 and three landed properties to him which, it said, he could not satisfactorily explain to investigators.

Prosecutors are prepared to press charges and a report shows an interim forfeiture order has been obtained over the properties.

Investigators also established a prima facie case against a senior official at the Warri refinery, Jimoh Yisawu.

Yisawu was alleged to have authorised payments to unqualified third-party contractors, approved inflated invoices and signed off contractual mark-ups of over $10m and almost ₦8bn.

He was also accused of approving payment vouchers without the necessary cash-back arrangements, which allegedly led to losses of roughly $7.47m and ₦1.89bn in tax revenue.

He was linked with over N1.4bn and four landed properties, which were put under interim forfeiture pending prosecution, investigators said.

Sources in the EFCC said the recovered ₦9.4bn and $21.2m have been paid into the commission’s recovery accounts.

The Federal Inland Revenue Service reportedly recovered another $2.32 million.

The investigators also disclosed that another case of alleged revenue fraud involving the sum of $28.39m and ₦665m had been established against the management of Port Harcourt Refining Company and efforts were on to recover the funds.

The EFCC said the investigation was still ongoing and more recoveries and prosecutions were expected as more evidence emerged.

Nigeria has four state refineries with a combined installed capacity of 210,000 barrels per day, two of which are located in Port Harcourt.

The Kaduna refinery is 110,000 barrels per day capacity while the Warri refinery is 125,000 barrels per day capacity, bringing the combined national refining capacity to 445,000 barrels per day.

Despite repeated funding for repairs and rehabilitation over the years, the refineries have suffered operational setbacks and operated at less than optimal capacity for decades.

The reopened Warri Refinery was in December 2024, but it was closed in January 2025 following safety concerns, while NNPC announced maintenance outages at the Port Harcourt Refinery.

The Federal Government and NNPCL have continued to seek strategic investors and technical partners to rehabilitate the refineries and reduce dependence on imported petroleum products following the failure to fully revivify the facilities.

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