ICPC Transfers Recovered Abuja Estate to FMBN, Moves to Revive 962 Abandoned Housing Units
Anti-graft agency says recovered public assets must serve Nigerians as court orders completion of stalled housing project
By Pan Afric Reporters
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over forfeited landed properties in Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria (FMBN) for the completion of a long-abandoned housing project expected to deliver 962 housing units to Nigerians.
The development was announced in a press statement issued by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and signed by its Head, Media and Public Communications, Mr. J. Okor Odey, on Tuesday.
The handover ceremony took place at the site of the Goodluck Jonathan Estate in Kaba District, Abuja, where the Chairman of ICPC, Dr. Musa Adamu Aliyu, SAN, officially transferred the forfeited properties to the Managing Director/Chief Executive Officer of FMBN, Mr. Shehu Usman Osidi, in compliance with a final forfeiture order of the Federal High Court.
Speaking at the event, Dr. Aliyu described the transfer as a major milestone in Nigeria’s asset recovery and restitution programme, stressing that recovered public assets must be restored to productive public use.
“Recovered public assets must be returned to productive public use,” the ICPC Chairman said.
He explained that the forfeited land was part of a housing estate initiated by the Federal Mortgage Bank of Nigeria in 2012 and financed through a 65-million-dollar loan secured by Good Earth Power Nigeria Limited in partnership with an American firm.
According to him, the project was designed to provide 962 housing units on approximately 27.92 hectares of land in Kaba District but was never executed after investigations revealed that the loan was allegedly diverted.
Dr. Aliyu disclosed that ICPC investigations showed the entire loan facility was misappropriated, with no housing units constructed despite the disbursement of funds.
He further revealed that part of the money was allegedly channelled through Bureaux de Change and moved out of the country, prompting the Commission to institute both civil and criminal proceedings.
While the civil proceedings have been concluded, he noted that the criminal trial remains before the court.
The ICPC Chairman said the Federal High Court, Abuja, presided over by Justice M. G. Umar, granted a final forfeiture order on December 11, 2025, covering two strategic plots in Cadastral Zone D12, Kaba District, identified as proceeds of unlawful activities.
He explained that the court subsequently directed the Federal Republic of Nigeria, through the ICPC, to transfer the forfeited properties to the Federal Mortgage Bank of Nigeria as the victim of the alleged fraud.
Beyond the forfeiture, the court also ordered the ICPC and FMBN to jointly supervise the completion of the 962 housing units and ensure that the houses are eventually allocated to the intended beneficiaries.
According to Dr. Aliyu, a joint monitoring committee comprising representatives of both institutions will oversee the implementation of the project, with the Commission’s Constituency and Executive Project Tracking Division representing the ICPC.
“Asset recovery without proper management is incomplete. The ultimate measure of success in this project will be the completion of the housing units and their fair allocation to Nigerian families,” Dr. Aliyu stated.
He reaffirmed the Commission’s commitment to transparency, accountability and effective management of recovered assets in line with the National Anti-Corruption Strategy.
In his remarks, the Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, Mr. Shehu Usman Osidi, commended the ICPC for ensuring that the recovered property would finally serve the purpose for which it was originally acquired.
“This land, on which this estate is to be developed, has, for some time, been abandoned and left unutilized. We therefore deeply appreciate the ICPC for ensuring that all necessary due diligence and legal considerations were carefully undertaken,” Osidi said.
He added that the Commission’s action demonstrates a strong commitment to protecting public assets and ensuring that recovered properties are deployed for the benefit of Nigerians.
“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 added.
