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 land, located along the Kubwa–Dei-Dei Expressway in Abuja, was originally designated for the construction of 962 housing units in Kaba District.
Speaking during the handover ceremony on Tuesday, ICPC Chairman Dr Musa Aliyu said the transfer followed a final forfeiture order issued by the Federal High Court in Abuja on 11 December 2025.
He described the handover as a significant milestone in the recovery and return of public assets, saying the two plots measuring a combined 27.92 hectares were originally allocated for the proposed Goodluck Jonathan Estate.
According to Aliyu, the housing project was conceived in 2012 by the Federal Mortgage Bank of Nigeria and awarded to Good Earth Power Nigeria Limited in partnership with a United States firm.
He said Ecobank Plc provided a $65 million loan for the project, which was expected to deliver 962 homes. However, the funds were allegedly diverted, no construction took place, and part of the money was channelled abroad through Bureau de Change operators.
“The loan was fully disbursed, but no building was constructed. Some of the funds were diverted through Bureau de Change operators and taken out of the country,” Aliyu said.
He added that while the civil proceedings had been concluded, the criminal case over the alleged diversion of funds remains before the court.
Aliyu said the court directed the ICPC to transfer the forfeited land to the Federal Mortgage Bank of Nigeria and instructed both organisations to jointly monitor the construction of the housing estate to ensure it is completed and allocated to the intended beneficiaries.
He stressed that recovering stolen assets must go beyond prosecution, noting that recovered property should be returned to public use rather than left abandoned.
To implement the court’s directive, the ICPC said it would establish a joint committee with the Federal Mortgage Bank to oversee the project and monitor its progress.
Responding, the Managing Director of the Federal Mortgage Bank of Nigeria, Shehu Osidi, welcomed the handover and pledged that construction would begin without delay.
He said the bank would engage qualified developers to deliver the housing estate and ensure it supports the Federal Government’s efforts to expand affordable home ownership.
Osidi added that the completed homes would be allocated primarily to contributors to the National Housing Fund (NHF) under a new delivery model.
