The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over forfeited land in Abuja’s Kaba District to the Federal Mortgage Bank of Nigeria (FMBN), paving the way for the completion of a stalled 962-unit housing project abandoned after the alleged diversion of a $65 million loan.
The handover, conducted on Tuesday at the site of the Goodluck Jonathan Estate in Kaba District, followed a final forfeiture order issued by the Federal High Court, Abuja.
ICPC Chairman, Dr. Musa Adamu Aliyu (SAN), formally transferred the recovered properties to FMBN Managing Director and Chief Executive, Mr. Shehu Usman Osidi, in the presence of senior officials of both institutions.
Speaking at the ceremony, Aliyu described the event as a major milestone in Nigeria’s asset recovery and restitution drive, stressing that assets recovered from corrupt practices must be returned to productive public use for the benefit of citizens.
He explained that the forfeited land was part of a housing development initiated by FMBN in 2012 and financed through a $65 million loan obtained by Good Earth Power Nigeria Limited in partnership with an American firm. The project 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 allegedly diverted in its entirety, resulting in the abandonment of the housing scheme without a single housing unit being completed.
He further disclosed that part of the funds was allegedly channelled through Bureaux de Change and transferred abroad, prompting the commission to institute both civil and criminal proceedings against those involved.
While the civil proceedings have been concluded, Aliyu said the criminal trial remains before the court.
He revealed 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, and Plot No. 4, measuring about 157,198.30 square metres, having found them to be properties suspected to be proceeds of unlawful activities.
Justice Umar further directed the Federal Republic of Nigeria, through the ICPC, to hand over the forfeited properties to FMBN, recognising the bank as the victim of the alleged unlawful diversion of funds.
The transfer is expected to revive the long-abandoned housing project, advancing the Federal Government’s efforts to recover stolen assets and channel them into projects that deliver tangible socio-economic benefits to Nigerians.
