The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has 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, with ICPC Chairman Dr. Musa Adamu Aliyu (SAN) and FMBN Managing Director Shehu Usman Osidi leading officials from both institutions during the ceremony.
Describing the development as a major milestone in Nigeria’s asset recovery efforts, Dr. Aliyu said the transfer demonstrates the importance of returning recovered public assets to projects that directly benefit citizens.
He explained that the forfeited property formed part of a housing scheme launched by the FMBN in 2012. The project was financed through a $65 million loan secured by Good Earth Power Nigeria Limited in partnership with an American company and was designed to deliver 962 housing units on about 27.92 hectares of land in Kaba District.
According to the ICPC chairman, investigations revealed that the loan was completely diverted, with no houses constructed despite the funds being disbursed. He alleged that part of the money was channelled through Bureau de Change operators before being moved abroad.
The anti-graft agency subsequently instituted both civil and criminal proceedings. While the civil case has been concluded, the criminal trial remains ongoing.
Dr. 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 covering Plot No. 4 and Plot No. 5 in Cadastral Zone D12, Kaba District, measuring approximately 157,198.30 square metres and 122,015.80 square metres, respectively.
The court directed the ICPC to transfer the forfeited properties to the Federal Mortgage Bank of Nigeria, recognising the bank as the victim of the alleged fraudulent activities.
The judgment also instructed both the ICPC and the FMBN to jointly supervise the completion of the 962 housing units and ensure the houses are allocated to their intended beneficiaries.
To achieve this, the court ordered the establishment of a joint supervisory committee made up of representatives from both organisations. Dr. Aliyu said the ICPC would nominate officials from its Constituency and Executive Project Tracking Division to serve on the committee.
He stressed that recovering assets is only meaningful when they are properly managed and returned to productive use.
“The true measure of success for this project will be the completion of the housing units and their fair allocation to Nigerian families,” he said, reaffirming the commission’s commitment to transparency and accountability.
Speaking during the handover, FMBN Managing Director Shehu Usman Osidi commended the ICPC for its diligence in recovering the property and ensuring it would finally serve its original purpose.
He noted that the land had remained abandoned for years and described the recovery as a significant step toward protecting public assets and ensuring they are used for the benefit of Nigerians.
