The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over seized land in Abuja’s Kaba District to the Federal Mortgage Bank of Nigeria (FMBN). This transfer follows a final forfeiture order granted by the Federal High Court.
The handover ceremony took place on Tuesday at the Goodluck Jonathan Estate site. It was led by ICPC Chairman Dr. Musa Adamu Aliyu and FMBN Managing Director Shehu Usman Osidi. Dr. Aliyu stated that this move represents a significant milestone in returning recovered assets to public use.
The land was originally intended for a 2012 housing project, funded by a $65 million loan secured by Good Earth Power Nigeria Limited. Investigations revealed that the entire loan amount was diverted, with some funds moved through Bureaux de Change to offshore accounts, leaving the planned 962 housing units unbuilt. While criminal proceedings remain active, civil proceedings concluded with Justice M. G. Umar ordering the permanent forfeiture of the land on December 11, 2025.
The court has directed the ICPC and the FMBN to collaborate on a joint committee to oversee the construction of the 962 housing units. Dr. Aliyu stressed that the success of this initiative will be measured by the eventual completion and fair distribution of the homes to Nigerian citizens. FMBN CEO Shehu Usman Osidi thanked the ICPC for their professionalism, noting that the recovery breathes new life into a project that had been abandoned for years.
