ICPC Transfers Forfeited Land to FMBN for Housing Project

The Independent Corrupt Practices and other related offences Commission (ICPC) has handed over 27.92 hectares of forfeited land associated with a diverted $65 million housing project to the Federal Mortgage Bank of Nigeria (FMBN). This transfer occurred on Tuesday in Abuja, with ICPC Chairman Dr Musa Aliyu presenting the land to FMBN Managing Director Mr Shehu Osidi.

The land, located on Kubwa-Dei-Dei Expressway, was designated for the construction of 962 housing units in Kaba District. The handover followed a final forfeiture order from the Federal High Court in Abuja on December 11, 2025.

The project, originally initiated in 2012, was awarded to Good Earth Power Nigeria Limited in partnership with an American firm, with ECO Bank Plc providing a loan of $65 million. However, the funds were diverted, and no construction took place.

The land size is equivalent to about 39 standard FIFA football fields, and the exchange rate at the time was N165 to one dollar. Mr Shehu Osidi expressed gratitude to the ICPC and assured prompt action to commence construction.