FMBN to complete 962 Abuja homes after recovery of $65 million housing project

The Federal Mortgage Bank of Nigeria (FMBN) is set to complete 962 housing units in Abuja after the recovery of a housing project financed with a $65 million loan that was allegedly diverted.

The development follows the formal handover of the forfeited Kaba District estate by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to FMBN in compliance with a final forfeiture order issued by the Federal High Court, according to a statement published on the commission’s website on Wednesday.

The estate forms part of a housing project initiated by FMBN in 2012 and financed with a $65 million loan facility. However, the project was abandoned after the loan was allegedly diverted, prompting civil and criminal proceedings by the anti-corruption agency.

What ICPC is saying

The ICPC said the handover took place on Tuesday at the Goodluck Jonathan Estate in Kaba District, Abuja, where its Chairman, Dr. Musa Adamu Aliyu, SAN, formally transferred the recovered property to FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi.

According to the commission, the project was originally conceived to deliver 962 housing units across about 27.92 hectares of land.

• “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally handed over forfeited landed properties at Kaba District, Abuja, to the Federal Mortgage Bank of Nigeria (FMBN), in compliance with a final forfeiture order of the Federal High Court.”
• ICPC said investigations revealed that the entire $65 million loan was diverted, with no housing units constructed despite the financing.

The commission alleged that part of the funds was routed through Bureau de Change operators before being transferred abroad.

The commission said it instituted both civil and criminal proceedings over the alleged diversion of funds. While the civil proceedings have been concluded, the criminal trial remains ongoing.

Background

The Federal High Court in Abuja, on December 11, 2025, granted a final forfeiture order covering two plots in Cadastral Zone D12, Kaba District, measuring a combined 279,214.10 square metres.

The court directed that the recovered properties be handed over to FMBN as the victim of the alleged unlawful activity.

• The court ordered ICPC and FMBN to jointly monitor and supervise the completion of the proposed 962 housing units.
• Both institutions are also required to establish a joint committee to oversee the implementation of the project.
• The completed houses are to be allocated to the intended beneficiaries.

The ruling paved the way for the formal transfer of the estate to FMBN and the planned revival of the long-abandoned housing project.

More insights

ICPC Chairman, Dr. Musa Adamu Aliyu, described the handover as a milestone in Nigeria’s asset recovery efforts, saying recovered public assets should be returned to productive public use rather than left idle. He added that the commission would continue to monitor the completion of the project through a joint oversight committee.

• The ICPC will nominate representatives from its Constituency and Executive Project Tracking Division to serve on the oversight committee.
• FMBN Managing Director, Shehu Usman Osidi, commended the ICPC for recovering and returning the property to the bank.
• Osidi described the handover as evidence of the government’s commitment to protecting public assets and ensuring they are used for the benefit of Nigerians.

The collaboration between both institutions is expected to accelerate the completion and allocation of the housing units.

What you should know

Nigeria faces one of Africa’s largest housing deficits, estimated at about 17 million units, driven by rapid urbanisation, population growth, rising construction costs and limited access to affordable housing finance.

• The Federal Government has adopted multiple delivery models under the Renewed Hope Housing Programme to increase housing supply through public funding and public-private partnerships.
• Former Minister of Housing Ahmed Musa Dangiwa estimated that Nigeria needs about 550,000 new housing units annually, requiring roughly N5.5 trillion in yearly investment over the next decade.
• The revival of the Kaba estate is expected to return 962 housing units to Nigeria’s affordable housing pipeline after the project stalled for more than a decade.

The handover comes amid a series of high-profile asset forfeiture cases, including the final forfeiture of 52 terrace and maisonette units in Lekki and the Supreme Court’s restoration of the forfeiture of properties linked to former Central Bank of Nigeria Governor Godwin Emefiele.