The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over forfeited landed properties to the Federal Mortgage Bank of Nigeria (FMBN).
The properties were said to have been transferred to the FMBN in compliance with a final forfeiture order issued by the Federal High Court in the Kaba District, Abuja.
The handover ceremony took place Tuesday at the Goodluck Jonathan Estate site, Kaba District, Abuja, with Chairman of ICPC, Musa Adamu Aliyu, SAN, and Managing Director/Chief Executive of FMBN, Mr Shehu Usman Osidi, leading senior officials of both organisations.
Aliyu described the event as an important achievement in the efforts of asset recovery and restitution in Nigeria, stressing the importance of the return of recovered public assets for productive use for the public.
He said the forfeited land was part of a housing project embarked upon by FMBN in 2012 which was financed through a $65 million loan facility obtained by Good Earth Power Nigeria Limited in collaboration with an American company. The project was to provide 962 housing units on about 27.92 hectares of land in Kaba District.
The ICPC Chairman said that investigations showed that the loan was completely diverted and no housing units were constructed. He said some of the funds were allegedly transferred through Bureaux de Change and taken out of the country.
As a result, the ICPC has filed both civil and criminal cases in relation to the matter, with the civil case having been concluded and the criminal case still pending.
Aliyu revealed that on 11th December 2025, the Federal High Court Abuja Judicial Division, presided over by Hon. Justice M. G. Umar ordered a final forfeiture 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 meters, and Plot No. 4 in the same Cadastral Zone, measuring approximately 157,198.30 square meters, as properties believed to be proceeds of illegal activities.
The Court has also directed the Federal Republic of Nigeria through the ICPC to assist in the transfer of the forfeited properties to the FMBN, which is acknowledged as the victim of the alleged unlawful activities.
Also, the Court ordered the ICPC, in collaboration with FMBN, to monitor and supervise the construction of the proposed 962 housing units until completion and that they are distributed to the intended end users.
He said the court also directed the establishment of a joint committee comprising representatives of both the ICPC and the FMBN to effectively supervise the process.
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He said the Commission would quickly appoint its representatives and that the Constituency and Executive Project Tracking Division would represent the ICPC on the committee.
The ICPC Chairman stressed that asset recovery must be followed with proper management, adding that the true measure of success for the Kaba District project will be completion of the housing units and equitable distribution to Nigerian families.
He assured the public of the ICPC’s unshakeable commitment to transparency, accountability and the efficient management of recovered assets in line with the National Anti-Corruption Strategy.
The Managing Director and Chief Executive Officer of the Federal Mortgage Bank, Shehu Usman Osidi, in his remarks, commended the ICPC for its diligence and professionalism in effecting the recovery of the property and its transfer for the stated purpose.
“This land, set aside for the development of this estate, has been neglected and allowed to lie fallow for some time. We appreciate the ICPC’s diligence in ensuring that all required due diligence and legal matters were thoroughly undertaken.
“This is particularly commendable as it demonstrates a strong commitment to protection of public assets and the use of properties recovered or forfeited in the public interest for productive use for the benefit of Nigerians,“ he said.
