Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Tuesday handed over 27.92 hectares of forfeited land linked to a failed 65-million-dollar housing project to the Federal Mortgage Bank of Nigeria (FMBN) for the construction of 962 housing units.
The ICPC Chairman, Dr Musa Aliyu, SAN, handed over the property, located along the Kubwa-Dei-Dei Expressway in Abuja, following a final forfeiture order granted by the Federal High Court, Abuja, on Dec. 11, 2025.
Aliyu described the handover as a significant milestone in the recovery and restoration of public assets for national development.
He said the two plots, previously designated as 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.
According to him, the housing project was conceived in 2012 by the FMBN and awarded to Good Earth Power Nigeria Limited in partnership with an American firm at a cost of 65 million dollars.
He said Ecobank Plc provided the loan facility in August 2012 with an 18-month repayment period to finance the construction of 962 housing units on the 27.92-hectare site.
“The loan was disbursed but completely diverted, with no building constructed. Some of the funds were diverted through Bureau de Change operators and taken abroad,” Aliyu said.
He disclosed that the land covers an area equivalent to about 39 standard FIFA football pitches and noted that the exchange rate at the time of the transaction was N165 to one dollar.
The ICPC chairman said the commission launched both civil and criminal proceedings after uncovering the alleged diversion of the funds.
“The civil proceedings have been concluded, while the criminal trial is still ongoing.
“The court, presided over by Justice M.G. Umar, ordered the final forfeiture of the two plots, having found them to be proceeds of unlawful activity, and directed the ICPC to transfer them to FMBN as the victim institution,” he said.
Aliyu added that the court also directed both agencies to jointly supervise the construction of the 962 housing units and ensure they are allocated to the intended beneficiaries.
He stressed that asset recovery should not end with prosecution.
“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 said.
According to him, assets left idle or poorly managed undermine public confidence in the fight against corruption.
Aliyu announced that the commission would immediately establish a joint committee with FMBN to monitor implementation of the court order.
He said the ICPC’s Constituency and Executive Project Tracking Division would represent the commission on the committee, which would monitor construction, verify allocation to genuine beneficiaries and report any challenges.
Describing the initiative as a fresh beginning, Aliyu said the original project conceived in 2012 had failed completely.
Responding, the Managing Director of FMBN, Mr Shehu Osidi, commended the ICPC for recovering the property and assured that the bank would commence work without delay.
He said the bank would engage competent developers to execute the project transparently and efficiently.
“I can assure you that work is going to start in earnest. We are committed to working closely with relevant stakeholders to ensure that the development is delivered efficiently, transparently and in line with the Federal Government’s commitment to expanding affordable home ownership across the country,” Osidi said.
He added that the project would support efforts to deepen housing finance, increase the supply of affordable homes and promote access to housing under the Federal Government’s Renewed Hope Housing Agenda.
Osidi noted that the site had remained abandoned since the collapse of the original project and disclosed that the completed houses would primarily be allocated to contributors to the National Housing Fund under a new delivery framework.
