The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over 27.92 hectares of forfeited land linked to a diverted $65 million housing scheme to the Federal Mortgage Bank of Nigeria (FMBN).
ICPC Chairman Dr Musa Aliyu, SAN, made the handover of the property—located along the Kubuwa-Dei-Dei Expressway in Abuja—to FMBN Managing Director Shehu Osidi on Tuesday, following a final forfeiture order granted by the Federal High Court, Abuja, on December 11, 2025.
The land, originally designated for the construction of 962 housing units in Kaba District, was intended for the proposed Goodluck Jonathan Estate. It comprises Plot No. 5 (122,015.80 square metres) and Plot No. 4 (157,198.30 square metres) in Cadastral Zone D12—an area roughly equivalent to 39 standard FIFA football pitches.
Project Abandoned After Funds Diverted Abroad
The housing scheme was conceived by FMBN in 2012 at a cost of $65 million and awarded to Good Earth Power Nigeria Limited in partnership with an American firm. ECO Bank Plc provided the loan in August 2012, with an 18-month tenor and a partial guarantee, to finance the construction of 962 homes on the site.
However, the funds were entirely diverted, with no construction ever taking place. Some of the money was channelled through Bureaux de Change and transferred overseas. The exchange rate at the time stood at N165 to $1.
Following the diversion, the ICPC launched both civil and criminal proceedings. While the civil case has been concluded, the criminal matter remains ongoing. Justice M. G. Umar, presiding over the case, ordered the final forfeiture and directed the ICPC to hand over the property to FMBN as the victim institution.
Asset Recovery Must Go Beyond Prosecution—ICPC
Speaking at the handover, Dr Aliyu stressed that asset recovery must extend beyond 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.
He warned that recovery without proper management would constitute an incomplete victory, adding: “Idle or mismanaged assets send the wrong signal to the public that corruption still pays.”
To enforce the court’s directive, the ICPC will immediately establish a joint committee with FMBN, with clear terms of reference and reporting timelines. The commission’s Constituency and Executive Project Tracking Division will represent the ICPC on the committee, tasked with verifying construction progress and ensuring the housing units reach genuine end users.
Construction to Begin Without Delay—FMBN
Mr Osidi commended the ICPC for recovering the site and assured that the bank would move swiftly to engage competent developers.
“We are going to move very swiftly to get competent and qualified developers to develop this estate for the benefit of Nigerians. Work is going to start in earnest,” he said.
He confirmed that the bank is committed to working with relevant stakeholders to deliver the development efficiently, transparently, and in line with the federal government’s commitment to expanding affordable home ownership.
The housing units will target National Housing Fund (NHF) contributors under a new delivery model, complementing broader efforts to deepen housing finance and accelerate opportunities under the Renewed Hope Housing Agenda.
