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.
