ICPC Transfers Forfeited Land to Federal Mortgage Bank

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) officially handed over forfeited properties in Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria (FMBN) on a Tuesday, following a final forfeiture order from the Federal High Court. This event was overseen by ICPC Chairman Dr.

Musa Adamu Aliyu and FMBN Managing Director/Chief Executive Mr. Shehu Usman Osidi.

The forfeited land was associated with a housing project initiated by FMBN in 2012, financed by a $65 million loan from Good Earth Power Nigeria Limited and an American company, intended to construct 962 housing units. Investigations revealed the loan was diverted, with no units built, leading to civil and ongoing criminal proceedings.

The Federal High Court, under Hon. Justice M.

G. Umar, issued a final forfeiture order on December 11, 2025, for two plots totaling approximately 279,214.10 square meters.

The court mandated the ICPC and FMBN to oversee the construction of the housing units and form a joint committee for effective management.