ICPC hands over recovered Abuja land to FMBN for 962-home development
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over recovered landed properties in Abuja covering about 27.92 hectares—an area roughly equivalent to 39 standard football pitches—to the Federal Mortgage Bank of Nigeria (FMBN) following a final forfeiture order by the Federal High Court.
The properties, located at the Goodluck Jonathan Estate in Kaba District, Abuja, were formally transferred on Tuesday by the ICPC Chairman, Dr Musa Adamu Aliyu (SAN), to the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi.
The recovered land was originally earmarked for a 962-unit housing estate financed through a $65 million loan obtained by Good Earth Power Nigeria Limited in partnership with an American firm in 2012.
According to Aliyu, ICPC investigations revealed that the entire loan was diverted and no housing units were built, with part of the funds allegedly channelled through bureaux de change and moved overseas.
He said the commission initiated both civil and criminal proceedings, noting that while the civil case had been concluded, the criminal trial was still pending.
Aliyu disclosed that on December 11, 2025, the Federal High Court in Abuja, presided over by Justice M. G. Umar, ordered the final forfeiture of two plots in Cadastral Zone D12, Kaba District, measuring a combined 279,214.1 square metres.
The court also directed ICPC to hand over the recovered properties to FMBN, identified as the victim of the alleged fraud, and mandated both institutions to jointly supervise the completion of the proposed 962 housing units and ensure they are allocated to the intended beneficiaries.
Describing the handover as a milestone in Nigeria’s asset recovery efforts, Aliyu said recovered public assets must be returned to productive use.
“Asset recovery without proper management is incomplete. The real measure of success will be the completion of the housing project and its allocation to Nigerian families,” he said.
