ICPC Hands Over Forfeited $65 Million Housing Project to FMBN

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over 27.92 hectares of forfeited land linked to a diverted $65 million housing project to the Federal Mortgage Bank of Nigeria (FMBN).

The Chairman of the ICPC, Dr Musa Aliyu, SAN, announced this while handing over the land located on Kubuwa-Dei-Dei Expressway, Abuja, to the Managing Director of the FMBN, Shehu Osidi, on Tuesday in Abuja.

The ICPC boss said the land was intended for constructing 962 housing units in Kaba District, Abuja.

Mr Aliyu said the handover followed a final forfeiture order granted by the Federal High Court, Abuja, on December 11, 2025.

According to him, the event marked an important step in the recovery and return of public assets in Nigeria.

“The two plots of land, known as the site of the proposed Goodluck Jonathan Estate, comprise Plot No. 5 (measuring 122,015.80 square metres) and Plot No. 4 (measuring 157,198.30 square metres) in Cadastral Zone D12,” he said.

Mr Aliyu also explained that the FMBN originally conceived the project in 2012 at $65 million and awarded it to Good Earth Power Nigeria Limited in partnership with an American firm.

“ECO Bank Plc provided the loan of $65 million in August 2012. The bank provided a partial guarantee for the loan, with an 18-month tenor, to build 962 houses on land covering roughly 27.92 hectares.

“The loan was disbursed but completely diverted with no building constructed. Some of the funds were diverted through Bureaux de Change and taken abroad,” he said.

He added that the land size was about 39 standard FIFA football fields and the exchange rate at the time was N165 to $1.

The ICPC chairman said following the diversion, the commission investigated the matter and commenced civil and criminal proceedings simultaneously.

“The civil proceedings were completed, and the criminal matter is still ongoing.

“The court, presided over by Justice M. G. Umar, ordered the final forfeiture of the two plots being property suspected to be proceeds of unlawful activity and directed ICPC to hand them over to FMBN as the victim institution.

“Beyond the transfer, the court also directed ICPC and FMBN to monitor and supervise the construction of the 962 housing units to completion and ensure they are used by intended beneficiaries,” he added.

Mr Aliyu stressed that asset recovery must go beyond prosecution.

According to him, it is not enough to investigate corruption, and it is not enough to prosecute it. What was taken must be recovered, and what is recovered must be properly managed and returned to public benefit.

He noted that recovery without management was an incomplete victory, adding that idle or mismanaged assets would send a wrong signal to the public that “corruption still pays”.

Mr Aliyu said to implement the court order, the ICPC would immediately constitute a joint committee with the FMBN with clear terms of reference and reporting timelines.

“The commission’s Constituency and Executive Project Tracking Division will represent ICPC on the committee.

“The committee’s task is straightforward: to verify that construction proceeds, that the units reach genuine end users, and to report on both. Where obstacles arise, they should be identified early and reported honestly,” he said.

The ICPC boss described the new housing project as a fresh start, noting that the 2012 initiative had failed.

“Is the project kicking off as a new one? Yes; because the first one that was conceived in 2012 has failed,” he said.

Mr Osidi lauded the ICPC for recovering the site, assuring that the bank would move swiftly to begin construction without delay.

“So as indicated by the chairman, we are going to move very swiftly to get competent and qualified developers to develop this estate for the benefit of Nigerians.

“I can assure you that work is going to start in earnest. We are committed to working closely with the relevant stakeholders to ensure the development is delivered efficiently, transparently, and in line with the federal government’s commitment to expanding affordable home ownership across the country.

“The development of the estate will also complement the broader effort to deepen housing finance, increase the supply of affordable homes, and accelerate opportunities for Nigerians under the Renewed Home Housing Agenda of the President,” he said.

Mr Osidi said the site had remained idle for years after the original project collapsed, and confirmed that the houses would target National Housing Fund (NHF) contributors, but under a new delivery model.

(NAN)