The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has handed over 27.92 hectares of recovered land linked to a $65 million housing project to the Federal Mortgage Bank of Nigeria (FMBN) for redevelopment.
Speaking during the handover in Abuja, ICPC Chairman Dr. Musa Aliyu (SAN) said the land, located along the Kubwa-Dei-Dei Expressway, was originally meant for the construction of 962 housing units but the project collapsed after the loan meant for it was allegedly diverted.
According to Aliyu, the land was forfeited to the Federal Government following a Federal High Court ruling in December 2025.
He explained that the housing project, initiated in 2012, was financed with a $65 million loan from Ecobank, but the funds were diverted through Bureaux de Change, leaving the project abandoned.
“The loan was disbursed but completely diverted with no building constructed,” Aliyu said.
He added that the court also directed the ICPC and FMBN to jointly supervise the completion of the 962 housing units to ensure they benefit the intended Nigerians.
The Managing Director of FMBN, Shehu Osidi, assured that the bank would immediately begin the process of engaging qualified developers to restart the project.
He said the completed houses would be allocated to National Housing Fund (NHF) contributors under a new implementation model.
Source: NAN.
