Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over land linked to a $65 million housing project to the Federal Mortgage Bank of Nigeria (FMBN) after the property was forfeited to the Federal Government through a court order.
The handover ceremony took place on Tuesday, July 21, 2026, in Abuja, as the anti-corruption agency transferred control of the recovered land to the mortgage institution, which was identified as the beneficiary of the original housing project.
The recovered property consists of two parcels of land measuring about 27.92 hectares located in Kaba District, along the Kubwa-Dei-Dei Expressway corridor of the Federal Capital Territory.
The land was originally allocated for the development of the Goodluck Jonathan Legacy Model Housing Estate, a housing initiative designed to provide residential units for Nigerians. The project was expected to deliver 962 housing units under a partnership arrangement involving the Federal Mortgage Bank of Nigeria and private developers.
The housing project was financed through a $65 million loan facility obtained by FMBN from Ecobank Plc. The funds were intended for the construction of the estate, but the project was abandoned after the money was reportedly disbursed.
Following investigations into the failed project, the ICPC began tracing assets connected to the matter. The commission alleged that funds meant for the housing development were diverted, leading to legal proceedings aimed at recovering assets linked to the transaction.
The Federal High Court in Abuja subsequently granted a final forfeiture order over the land, transferring ownership of the property to the Federal Government. The ICPC later commenced the process of returning the recovered asset to the institution for which the project was originally intended.
Speaking during the handover, ICPC Chairman Dr Musa Aliyu, SAN, said the recovery demonstrated the commission’s commitment to ensuring that assets recovered from corruption-related investigations are returned for public benefit.
He explained that the land would now be available for the Federal Mortgage Bank to pursue the original objective of providing affordable housing for Nigerians.
The ICPC said the criminal investigation into individuals allegedly connected to the diversion of funds remains ongoing, noting that the forfeiture of the property was part of the asset recovery process and does not automatically determine criminal liability.
The recovery adds to ongoing efforts by Nigerian anti-corruption agencies to trace and recover public assets lost through alleged financial misconduct. Authorities have increasingly focused on ensuring that recovered properties and funds are redirected toward projects that serve public interests.
The Federal Mortgage Bank of Nigeria is expected to assess the property and determine the next phase of development for the housing project after taking possession of the land.
The ICPC described the handover as an important step toward restoring public confidence and ensuring that abandoned development projects are revived for the benefit of citizens.
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