ICPC Hands Over Forfeited 27.92 Hectares for $65m Abuja Housing Project to FMBN

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over 27.92 hectares of forfeited land in Abuja to the Federal Mortgage Bank of Nigeria (FMBN), paving the way for the revival of a stalled $65 million housing project originally designed to deliver 962 homes.

The land, located along the Kubwa-Dei-Dei Expressway in the Kaba District of Abuja, was handed over to FMBN on Tuesday following a final forfeiture order issued by the Federal High Court, Abuja, on December 11, 2025.

Speaking during the handover ceremony, ICPC Chairman, Dr Musa Aliyu, SAN, said the recovered property represented an important milestone in the government's efforts to ensure that assets linked to unlawful activities are recovered and returned to public use.

He identified the two plots as Plot No. 5, measuring 122,015.80 square metres, and Plot No. 4, measuring 157,198.30 square metres, both located in Cadastral Zone D12.

The ICPC chairman said the site was originally earmarked for the construction of what was proposed as the Goodluck Jonathan Estate, a 962-unit housing development conceived by FMBN in 2012.

According to Aliyu, the project was awarded to Good Earth Power Nigeria Limited in partnership with an American company and financed through a $65 million loan provided by ECO Bank Plc in August 2012.

The loan, he said, was issued with an 18-month tenor and backed by a partial guarantee, with the funds intended to finance the construction of 962 housing units on the 27.92-hectare site.

However, the project never materialised after the funds were allegedly diverted.

“The loan was disbursed but completely diverted with no building constructed. Some of the funds were diverted through Bureaux de Change and taken abroad,” Aliyu said.

He noted that the size of the recovered land was equivalent to about 39 standard FIFA football fields, adding that the exchange rate at the time the project was initiated stood at approximately N165 to $1.

Following the alleged diversion of the funds, the ICPC commenced investigations and pursued both civil and criminal proceedings.

While the civil proceedings have now been concluded with the forfeiture of the land, the criminal case remains ongoing.

Aliyu said Justice M. G. Umar of the Federal High Court ordered the final forfeiture of the two plots after they were found to be property suspected to be proceeds of unlawful activity.

The court subsequently directed that the land be handed over to FMBN, which was identified as the victim institution.

The court also directed the ICPC and FMBN to jointly monitor and supervise the construction of the proposed 962 housing units to completion and ensure that the completed homes are allocated to their intended beneficiaries.

Aliyu stressed that the recovery of assets linked to corruption must not end with prosecution or forfeiture, arguing that recovered properties must be properly managed and returned to the public good.

“It's 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 recovered assets left idle or poorly managed could undermine public confidence in the fight against corruption.

“Recovery without management is an incomplete victory,” he said, adding that failure to properly utilise recovered assets could create the impression that “corruption still pays.”

To ensure effective implementation of the court order, the ICPC chairman said the commission would immediately establish a joint committee with FMBN, with clearly defined terms of reference and reporting timelines.

The committee will include representatives of the ICPC's Constituency and Executive Project Tracking Division and will be responsible for monitoring the development of the estate, verifying construction progress and ensuring that completed housing units are allocated to genuine beneficiaries.

Aliyu said the committee would also be expected to identify and report any obstacles that could delay the project.

He described the planned development as a fresh start for a project that had failed to materialise since its conception in 2012.

“Is the project kicking off as a new one? Yes, because the first one that was conceived in 2012 has failed,” he said.

The Managing Director of FMBN, Shehu Osidi, commended the ICPC for recovering the site and assured Nigerians that the bank would move quickly to revive the housing project.

Osidi said FMBN would engage competent and qualified developers to deliver the estate, promising that construction would commence without unnecessary delay.

“So, as indicated by the chairman, we are going to move very swiftly to get competent and qualified developers to develop this estate for the benefit of Nigerians,” he said.

He added that the bank would work with relevant stakeholders to ensure that the project was delivered efficiently and transparently, in line with the Federal Government's efforts to expand affordable home ownership.

According to Osidi, the development would complement broader efforts to deepen housing finance, increase the supply of affordable homes and expand access to housing under President Bola Ahmed Tinubu's Renewed Hope Housing Agenda.

The FMBN managing director said the site had remained idle for years following the collapse of the original project but confirmed that the proposed housing units would target contributors to the National Housing Fund (NHF), although the estate would now be delivered under a new model.

The handover marks the latest development in Nigeria's ongoing efforts to recover and repurpose assets linked to alleged corruption and financial crimes. It also places renewed attention on the government's ability to convert recovered properties into tangible public benefits.

For the 27.92-hectare Abuja site, the next phase will be closely watched as the ICPC and FMBN begin the process of selecting developers, commencing construction and ultimately delivering the 962 housing units originally promised more than a decade ago.