The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has officially handed over forfeited landed properties located in Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria (FMBN) for the completion of a stalled 962-unit housing estate.
The handover ceremony took place on Tuesday at the site of the Goodluck Jonathan Estate in Kaba District, Abuja, in compliance with a final forfeiture order issued by the Federal High Court.
ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), formally transferred the properties to the Managing Director and Chief Executive Officer of FMBN, Mr. Shehu Usman Osidi, in the presence of senior officials from both organisations.
Speaking during the event, Dr. Aliyu described the handover as a major milestone in Nigeria’s asset recovery and restitution efforts, stressing that assets recovered from corrupt practices should be restored to productive public use for the benefit of citizens.
He explained that the forfeited properties were part of a housing development project initiated by the Federal Mortgage Bank of Nigeria in 2012. The project was financed through a $65 million loan facility obtained by Good Earth Power Nigeria Limited in partnership with an American company and was intended to deliver 962 housing units on approximately 27.92 hectares of land in Kaba District.
According to the ICPC chairman, investigations by the commission revealed that the entire loan facility was allegedly diverted, with no housing units constructed despite the disbursement of the funds. He further disclosed that part of the money was allegedly channelled through Bureau de Change operators and transferred abroad.
The commission subsequently instituted both civil and criminal proceedings against those involved. While the civil aspect of the case has been concluded, the criminal trial is still pending before the court.
Dr. Aliyu disclosed that on December 11, 2025, the Federal High Court, Abuja Judicial Division, presided over by Justice M. G. Umar, granted a final forfeiture order in Suit No. FHC/ABJ/CS/1124/2025.
The court ordered the permanent forfeiture of Plot No. 5 in Cadastral Zone D12, Kaba District, measuring approximately 122,015.80 square metres, as well as Plot No. 4 in the same cadastral zone, measuring approximately 157,198.30 square metres. The properties were declared proceeds of unlawful activities and forfeited to the Federal Government.
In its judgment, the court directed the Federal Republic of Nigeria, through the ICPC, to hand over the recovered properties to the Federal Mortgage Bank of Nigeria, recognising the bank as the victim of the alleged fraudulent diversion of the housing project funds.
The court further ordered ICPC and FMBN to jointly supervise the completion of the proposed 962 housing units and ensure that the completed houses are allocated to the intended beneficiaries.
To ensure effective implementation of the court’s directives, a joint monitoring committee comprising representatives of the ICPC and the Federal Mortgage Bank of Nigeria will be established to oversee the construction process through to completion.
Dr. Aliyu stated that the ICPC would immediately nominate its representatives to serve on the committee, with officials from the Commission’s Constituency and Executive Project Tracking Division expected to represent the agency.
He emphasised that recovering stolen or illegally acquired assets is only one aspect of the anti-corruption fight, adding that ensuring such assets are effectively managed and utilised for public benefit remains equally important.
“The true measure of success in this project will not merely be the recovery of the land, but the completion of the housing estate and the allocation of the houses to deserving Nigerian families,” he said.
The ICPC chairman reaffirmed the commission’s commitment to transparency, accountability and the efficient management of recovered public assets in line with the objectives of the National Anti-Corruption Strategy.
In his remarks, the Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, Mr. Shehu Usman Osidi, commended the ICPC for its professionalism, diligence and commitment in recovering the property and ensuring its return to its original purpose.
He described the handover as a significant step toward reviving a long-abandoned housing project that was originally intended to provide affordable homes for Nigerians.
“This land, on which this estate is to be developed, has for some time remained abandoned and unutilised. We deeply appreciate the ICPC for ensuring that all necessary legal procedures and due diligence were carefully followed before handing over the property.
“This action 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,” Osidi said.
The revived housing project is expected to boost the Federal Mortgage Bank’s efforts to expand access to affordable housing while reinforcing the government’s commitment to recovering proceeds of corruption and redirecting them towards national development.
