The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has officially handed over forfeited landed properties in Abuja to the Federal Mortgage Bank of Nigeria (FMBN) following a final forfeiture order issued by the Federal High Court.
The properties, located in Kaba District, Abuja, were transferred during a ceremony held on Tuesday at the Goodluck Jonathan Estate site. The event was attended by the Chairman of ICPC, Musa Adamu Aliyu (SAN), the Managing Director/Chief Executive Officer of FMBN, Shehu Usman Osidi, and senior officials from both agencies.
Court Orders Transfer of Recovered Assets to FMBN
Speaking at the handover ceremony, ICPC Chairman Musa Aliyu described the transfer as a major milestone in Nigeria's asset recovery and restitution efforts, stressing that recovered public assets should be returned to productive public use.
According to him, the forfeited land formed part of a housing project initiated by FMBN in 2012 and financed through a $65 million loan facility obtained by Good Earth Power Nigeria Limited in partnership with an American company.
The project was originally designed to deliver 962 housing units on about 27.92 hectares of land in Kaba District, Abuja.
Loan Allegedly Diverted, No Houses Built
Aliyu disclosed that ICPC investigations revealed that the entire loan was allegedly diverted, with no housing units constructed despite the funds released for the project.
He further alleged that part of the money was routed through Bureau De Change operators before being transferred abroad.
The anti-graft agency subsequently instituted both civil and criminal proceedings against those involved. While the civil case has been concluded, the criminal trial is still ongoing.
Federal High Court Orders Final Forfeiture
The ICPC Chairman revealed that on December 11, 2025, the Federal High Court in Abuja, presided over by Justice M. G. Umar, granted a final forfeiture order in Suit No. FHC/ABJ/CS/1124/2025.
The court ordered the forfeiture of:
- Plot No. 5, Cadastral Zone D12, Kaba District, measuring approximately 122,015.80 square metres.
- Plot No. 4, Cadastral Zone D12, measuring approximately 157,198.30 square metres.
The court ruled that the properties were proceeds of unlawful activities and directed the Federal Republic of Nigeria, through the ICPC, to transfer them to the Federal Mortgage Bank of Nigeria, which was identified as the victim in the case.
ICPC, FMBN to Supervise Completion of Housing Project
The Federal High Court also directed both ICPC and FMBN to jointly supervise the completion of the planned 962 housing units and ensure they are allocated to the intended beneficiaries.
To achieve this, the court ordered the establishment of a joint committee comprising representatives from both organisations.
Aliyu said the ICPC would immediately nominate officials from its Constituency and Executive Project Tracking Division to serve on the committee.
He stressed that successful asset recovery must be accompanied by proper management and accountability.
"The true measure of success for this project will be the completion of the housing units and their fair allocation to Nigerian families," he said.
The ICPC boss reaffirmed the Commission's commitment to transparency, accountability, and the effective management of recovered assets in line with Nigeria's National Anti-Corruption Strategy.
FMBN Commends ICPC
Speaking at the event, the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, commended the ICPC for its professionalism and diligence in recovering the property and ensuring it was returned for public benefit.
He noted that the estate land had remained abandoned for years despite its 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 demonstrates a strong commitment to protecting public assets and ensuring that recovered properties are put to productive use for the benefit of Nigerians," Osidi said.
The recovery and transfer of the land is expected to pave the way for the long-delayed housing project to resume, providing hundreds of affordable homes for Nigerians.