The Independent Corrupt Practices and Other Related Offences Commission has handed over 27.92 hectares of forfeited land linked to an allegedly diverted $65 million housing project to the Federal Mortgage Bank of Nigeria.
The ICPC Chairman, Dr Musa Aliyu, SAN, formally transferred the property, located along the Kubwa-Dei-Dei Expressway in Abuja, to the mortgage bank on Tuesday.
The land was originally designated for the construction of 962 housing units in Kaba District under the proposed Goodluck Jonathan Estate project.
Aliyu said the handover followed a final forfeiture order issued by the Federal High Court in Abuja on December 11, 2025.
He described the development as an important step in the recovery, management and return of public assets for the benefit of Nigerians.
According to him, the property comprises two plots identified as Plot No. 5, measuring 122,015.80 square metres, and Plot No. 4, measuring 157,198.30 square metres, both situated within Cadastral Zone D12.
“The two plots of land, known as the site of the proposed Goodluck Jonathan Estate, comprise Plot No. 5 measuring 122,015.80 square metres and Plot No. 4 measuring 157,198.30 square metres in Cadastral Zone D12,” he said.
Aliyu explained that the housing project was initiated by the FMBN in 2012 at a cost of $65 million and awarded to Good Earth Power Nigeria Limited in partnership with an American company.
He said Ecobank Plc provided the $65 million loan in August 2012, with the mortgage bank offering a partial guarantee for the facility.
According to him, the loan had an 18-month tenure and was intended to finance the construction of 962 houses on approximately 27.92 hectares of land.
However, Aliyu alleged that the entire loan was diverted and that no building was constructed on the site.
“Ecobank Plc provided the loan of $65 million in August 2012. The bank provided a partial guarantee for the loan, with an 18-month tenor, to build 962 houses on land covering roughly 27.92 hectares,” he said.
“The loan was disbursed but completely diverted, with no building constructed. Some of the funds were diverted through Bureaux de Change and taken abroad.”
The ICPC chairman said the land was approximately the size of 39 standard FIFA football fields, noting that the exchange rate at the time of the transaction was about ₦165 to one United States dollar.
He explained that following the alleged diversion, the commission investigated the transaction and commenced civil and criminal proceedings simultaneously.
While the civil proceedings have been concluded, Aliyu disclosed that the criminal case is still pending before the court.
He said Justice M.G. Umar ordered the final forfeiture of the two plots after finding that they were properties suspected to be proceeds of unlawful activity.
According to him, the court directed the ICPC to transfer the land to the FMBN as the institution affected by the alleged diversion.
“The court, presided over by Justice M.G. Umar, ordered the final forfeiture of the two plots, being property suspected to be proceeds of unlawful activity, and directed the ICPC to hand them over to FMBN as the victim institution,” Aliyu said.
He added that the court also directed the ICPC and the mortgage bank to jointly monitor and supervise the construction of the proposed 962 housing units until completion and ensure that they reach the intended beneficiaries.
“Beyond the transfer, the court also directed ICPC and FMBN to monitor and supervise the construction of the 962 housing units to completion and ensure they are used by intended beneficiaries,” he said.
Aliyu maintained that asset recovery should not end with investigation and prosecution, stressing that recovered public assets must be properly managed and returned to productive use.
He said it was insufficient to merely investigate or prosecute corruption without recovering what was taken and ensuring that the recovered assets benefit the public.
According to him, recovery without proper management represents an incomplete victory because abandoned or mismanaged assets could create the impression that corruption remains profitable.
“It is 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.
Aliyu announced that the ICPC would immediately establish a joint committee with the FMBN to implement the court’s directives, with clearly defined responsibilities and reporting timelines.
He said the commission would be represented on the committee by officials from its Constituency and Executive Project Tracking Division.
The committee will be responsible for confirming that construction proceeds as planned, ensuring that the completed houses are allocated to genuine beneficiaries and reporting any obstacles encountered during the project.
“The committee’s task is straightforward: to verify that construction proceeds, that the units reach genuine end users, and to report on both. Where obstacles arise, they should be identified early and reported honestly,” Aliyu said.
The ICPC chairman described the proposed development as a new project, explaining that the original initiative conceived in 2012 had failed.
“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 the FMBN, Shehu Osidi, commended the ICPC for recovering and transferring the site to the bank.
Osidi assured that the bank would move quickly to engage competent and qualified developers to commence construction of the estate.
“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.
“I can assure you that work is going to start in earnest. We are committed to working closely with the relevant stakeholders to ensure that the development is delivered efficiently, transparently and in line with the Federal Government’s commitment to expanding affordable home ownership across the country.”
He said the project would complement efforts to deepen housing finance, increase the supply of affordable homes and expand homeownership opportunities for Nigerians under the Federal Government’s Renewed Home Housing Agenda.
Osidi noted that the land had remained unused for several years after the collapse of the initial project.
He confirmed that the proposed 962 housing units would primarily benefit contributors to the National Housing Fund but would be delivered under a new implementation model intended to ensure transparency, efficiency and completion.
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