The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has officially transferred forfeited landed properties located in Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria, FMBN, in accordance with a final forfeiture order issued by the Federal High Court.
The handover happened on Tuesday at the Goodluck Jonathan Estate site in Kaba District, Abuja, and was overseen by the Chairman of ICPC, Dr. Musa Adamu Aliyu, SAN, alongside the Managing Director/Chief Executive of FMBN, Mr. Shehu Usman Osidi, and senior officials from both organizations.
Dr. Aliyu characterized the event as a crucial achievement in Nigeria’s asset recovery and restitution initiatives, highlighting the importance of returning recovered public assets to productive public use.
He elaborated that the forfeited land was part of a housing project initiated 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 aimed to provide 962 housing units on approximately 27.92 hectares of land in Kaba District.
The ICPC Chairman noted that investigations indicated the complete diversion of the loan, with no housing units constructed, and that some of the funds were allegedly funneled through Bureaux de Change and taken overseas.
As a result, the ICPC initiated both civil and criminal proceedings regarding the case, with the civil proceedings having been concluded while the criminal case is still ongoing.
Aliyu revealed that on December 11, 2025, the Federal High Court, Abuja Judicial Division, under the authority of Hon. Justice M. G. Umar, issued a final forfeiture order in Suit No. FHC/ABJ/CS/1124/2025.
The Court mandated the final forfeiture of Plot No. 5 in Cadastral Zone D12, Kaba District, which measures 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 further instructed the Federal Republic of Nigeria, via the ICPC, to facilitate the transfer of the forfeited properties to the FMBN, which is recognized as the victim of the alleged unlawful activities.
Moreover, the Court has mandated the ICPC, in partnership with the FMBN, to oversee and supervise the construction of the planned 962 housing units until their completion, ensuring that they are allocated to the designated end users.
Aliyu highlighted that the court also ordered the formation of a joint committee consisting of representatives from both the ICPC and the FMBN to manage the supervision process effectively.
He mentioned that the Commission would swiftly appoint its representatives, with the Constituency and Executive Project Tracking Division representing the ICPC on this committee.
The ICPC Chairman emphasized that asset recovery must be accompanied by proper management, asserting that the true measure of success for the Kaba District project will be the completion of the housing units and their equitable distribution to Nigerian families.
He assured the public of the ICPC’s unwavering commitment to transparency, accountability, and the efficient management of recovered assets in accordance with the National Anti-Corruption Strategy.
In his comments, the Managing Director and Chief Executive Officer of the Federal Mortgage Bank, Shehu Usman Osidi, expressed gratitude to the ICPC for its diligence and professionalism in securing the recovery of the property and its transfer for the intended purpose.
“This land, designated for the development of this estate, has been neglected and left unused for an extended period. We sincerely 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,“ he said.