Inside The $65 Million Fraud: ICPC Returns Seized Abuja Estate To Federal Government

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over forfeited landed properties in Abuja’s Kaba District to the Federal Mortgage Bank of Nigeria (FMBN) following a final forfeiture order issued by the Federal High Court.

The transfer took place on Tuesday at the Goodluck Jonathan Estate in Kaba District, Abuja, with ICPC Chairman, Musa Adamu Aliyu (SAN), and the Managing Director/Chief Executive Officer of FMBN, Shehu Usman Osidi, leading the ceremony alongside senior officials from both institutions.

Speaking at the event, Aliyu described the handover as a significant milestone in Nigeria’s asset recovery and restitution efforts, stressing that recovered public assets should be returned to projects that directly benefit citizens.

He explained that the forfeited land formed part of a housing scheme launched by the FMBN in 2012. The project, intended to deliver 962 housing units on about 27.92 hectares in Kaba District, was financed through a $65 million loan secured by Good Earth Power Nigeria Limited in partnership with an American firm.

According to the ICPC chairman, investigations revealed that the loan was completely diverted, with no houses constructed despite the funding. He added that part of the money was allegedly laundered through Bureau de Change operators and moved out of the country.

The commission subsequently instituted both civil and criminal proceedings. While the civil case has been concluded, the criminal trial remains before the court.

Aliyu disclosed that on December 11, 2025, Justice M. G. Umar of the Federal High Court, Abuja Judicial Division, granted a final forfeiture order in Suit No. FHC/ABJ/CS/1124/2025.

The ruling ordered the permanent forfeiture of Plot No. 5 in Cadastral Zone D12, measuring about 122,015.80 square metres, and Plot No. 4 in the same zone, measuring approximately 157,198.30 square metres, after the court determined they were proceeds of unlawful activities.

The court further directed the Federal Republic of Nigeria, through the ICPC, to transfer the recovered properties to the FMBN, which it identified as the victim of the alleged fraud.

In addition, the court mandated the ICPC and FMBN to jointly supervise the construction of the proposed 962 housing units until completion and ensure the homes are allocated to their intended beneficiaries.

To facilitate the process, the court also ordered the establishment of a joint committee comprising representatives from both agencies. Aliyu said the ICPC would immediately nominate members from its Constituency and Executive Project Tracking Division to serve on the committee.

He emphasized that recovering stolen assets is only the first step, noting that true success would be measured by the completion of the housing estate and its eventual allocation to deserving Nigerian families.

Aliyu reaffirmed the commission’s commitment to transparency, accountability and the effective management of recovered assets in line with the National Anti-Corruption Strategy.

Also speaking, FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, commended the ICPC for its professionalism and dedication in recovering the property and ensuring it would now be used for its original purpose.

He noted that the land had remained abandoned for years and praised the commission for carrying out the recovery process with due diligence and in compliance with legal procedures.

Osidi added that the transfer reflects the government’s resolve to safeguard public assets and ensure that recovered properties are put to meaningful use for the benefit of Nigerians.