ICPC Reclaims Abandoned $65m Abuja Housing Estate, Returns Forfeited Land to FMBN for Completion of 962 Homes

• ICPC formally hands over a forfeited Abuja housing estate to FMBN after securing a final Federal High Court order, paving the way for the completion of 962 affordable housing units abandoned for years.

• The estate project stalled after a $65 million loan was allegedly diverted, with investigations revealing that no houses were built despite full disbursement of the funds.

• The Federal High Court ordered the permanent forfeiture of the land and directed ICPC and FMBN to jointly monitor the completion of the housing project and ensure the finished homes are allocated to the intended beneficiaries.

• ICPC says the recovery demonstrates that anti-corruption efforts must translate into tangible public benefits, while FMBN describes the handover as a major step towards reviving one of Nigeria’s abandoned affordable housing projects

July 22 , () — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over a forfeited housing estate in Abuja to the Federal Mortgage Bank of Nigeria (FMBN), marking a significant breakthrough in Nigeria’s anti-corruption campaign and reviving a major affordable housing project abandoned after the alleged diversion of a $65 million loan facility.

The handover, which took place on Tuesday at the site of the abandoned Goodluck Jonathan Estate in Kaba District, Abuja, followed the execution of a final forfeiture order issued by the Federal High Court.

reports that the order directed that the recovered property be returned to FMBN, identified by the court as the institution that suffered losses from the alleged fraudulent diversion of funds.

The ICPC Chairman, Musa Adamu Aliyu (SAN), transferred the recovered property to the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, in the presence of senior officials of both organisations.

Project Abandoned After Alleged Diversion of Loan

Providing background to the recovery, the anti-graft agency boss explained that the Kaba District housing project was initiated by FMBN in 2012 as part of efforts to expand affordable housing across the country.

The project was financed through a $65 million loan facility obtained by Good Earth Power Nigeria Limited in partnership with an American firm and was expected to deliver 962 housing units on approximately 27.92 hectares of land in Kaba District.

However, according to the ICPC Chairman, investigations by the Commission uncovered widespread financial irregularities.

He disclosed that although the entire loan was released, no housing units were constructed as planned.

Instead, the funds were allegedly diverted, with part of the money channelled through Bureau de Change operators before being moved outside Nigeria.

The discovery prompted the Commission to commence extensive investigations, leading to both civil and criminal proceedings against those allegedly involved.

While the civil proceedings have now culminated in the recovery of the property, the criminal trial remains pending before the court.

Court Orders Recovery, Completion of Estate

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

The court ordered the permanent forfeiture of Plot No. 5 in Cadastral Zone D12, Kaba District, measuring approximately 122,015.80 square metres, as well as Plot No. 4, measuring about 157,198.30 square metres, after finding them to be properties suspected to be proceeds of unlawful activities.

Beyond ordering the forfeiture, the court directed the Federal Republic of Nigeria, through ICPC, to hand over the recovered land to FMBN for the continuation of the housing project.

The court further mandated ICPC and FMBN to jointly monitor and supervise the completion of the proposed 962 housing units and ensure that the finished houses are allocated to the intended beneficiaries.

To guarantee effective implementation, the court ordered the establishment of a joint oversight committee comprising representatives of both institutions.

Aliyu said ICPC would immediately nominate officials from its Constituency and Executive Project Tracking Division to serve on the committee and ensure strict compliance with the court’s directives.

He described the handover as a landmark achievement in Nigeria’s asset recovery programme, stressing that recovering public assets is only meaningful when such assets are restored to productive use.

According to him, the success of the exercise will ultimately be measured not by the forfeiture itself but by the completion of the housing estate and the delivery of homes to ordinary Nigerians.

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

FMBN Hails Recovery, Pledges to Deliver Homes

Receiving the recovered property, the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, commended ICPC for what he described as a diligent, transparent and professional investigation that made the recovery possible.

He noted that the land had remained abandoned for years despite its enormous potential to address Nigeria’s growing housing shortage.

According to him, the successful recovery demonstrates the government’s commitment to protecting public investments and ensuring that assets recovered through anti-corruption efforts are deployed for projects that directly benefit citizens.

“This land, on which this estate is to be developed, has, for some time, been abandoned and left unutilised. We therefore deeply appreciate the ICPC for ensuring that all necessary due diligence and legal considerations were carefully undertaken,” Osidi said.

He added that the handover represents a fresh opportunity to revive a critical housing development that will expand access to affordable homes for contributors under the National Housing Fund Scheme and support the Federal Government’s broader housing agenda.