The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over forfeited landed properties at Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria (FMBN), in compliance with a final forfeiture order of the Federal High Court.
The handover, which took place on Tuesday at the site of the Goodluck Jonathan Estate in Kaba District, Abuja, was conducted by the Chairman of ICPC, Dr Musa Adamu Aliyu, SAN, in the presence of the Managing Director/Chief Executive of FMBN, Mr Shehu Usman Osidi, and senior officials of both institutions.
Dr Aliyu described the event as a significant milestone in Nigeria’s asset recovery and restitution efforts, emphasising that recovered public assets must be returned to productive public use.
He explained that the forfeited land formed part of a housing project conceived by FMBN in 2012 and financed through a $65 million loan facility secured by Good Earth Power Nigeria Limited in partnership with an American firm. The project was intended to deliver 962 housing units on approximately 27.92 hectares of land in Kaba District.
According to the ICPC Chairman, investigations revealed that the loan was completely diverted, with no housing units constructed, while some of the funds were allegedly routed through Bureaux de Change and taken abroad.
Consequently, ICPC commenced both civil and criminal proceedings in the matter, with the civil proceedings already concluded while the criminal case remains ongoing.
Dr Aliyu disclosed that on December 11, 2025, the Federal High Court, Abuja Judicial Division, presided over by Hon. Justice M. G. Umar, granted a final forfeiture order in Suit No. FHC/ABJ/CS/1124/2025.
The Court ordered the final forfeiture of Plot No. 5 in Cadastral Zone D12, Kaba District, measuring approximately 122,015.80 square metres, and Plot No. 4 in the same Cadastral Zone, measuring approximately 157,198.30 square metres, as properties suspected to be proceeds of unlawful activity.
The Court further directed the Federal Republic of Nigeria, through ICPC, to facilitate the handover of the forfeited properties to FMBN as the victim of the alleged unlawful activity.
In addition, the Court mandated ICPC, in collaboration with FMBN, to monitor and supervise the construction of the proposed 962 housing units to completion and ensure that they are allocated to the intended end users.
Dr Aliyu noted that the Court also directed the establishment of a joint committee comprising representatives of ICPC and FMBN to oversee the implementation of the supervision process.
He stated that the Commission would promptly nominate its representatives, with the Constituency and Executive Project Tracking Division representing ICPC on the committee.
The ICPC Chairman reiterated that asset recovery without proper management is incomplete, stressing that the ultimate measure of success in the Kaba District project would be the completion of the housing units and their fair allocation to Nigerian families.
He assured the public of ICPC’s continued commitment to transparency, accountability, and the effective management of recovered assets in line with the National Anti-Corruption Strategy.
In his remarks, the Managing Director and Chief Executive Officer of Federal Mortgage Bank, Shehu Usman Osidi, expressed his appreciation to the ICPC for its diligence and professionalism in ensuring the recovery of the property and its handover for the purpose for which it is intended.
“This land, on which this estate is to be developed, has, for some time, been abandoned and left unutilized. We therefore deeply appreciate the ICPC for ensuring that all necessary due diligence and legal considerations were carefully undertaken.
“This action is particularly commendable because it 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.“
