‎

‎The Federal Mortgage Bank of Nigeria (FMBN) has taken possession of recovered land in Kaba District, Abuja, earmarked for the development of 962 housing units, with the Bank declaring that the project will unlock the value of previously committed resources while advancing affordable homeownership for Nigerians.

‎

‎The handover, facilitated by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), on Tuesday, July 21, 2026, followed a Federal High Court order returning the forfeited property to FMBN as the victim of the unlawful diversion of funds originally meant for the housing project.

‎

‎Receiving the property on behalf of the Bank, Managing Director/Chief Executive, Shehu Usman Osidi, described the development as a significant milestone in FMBN's drive to expand affordable housing delivery and safeguard the contributions of millions of National Housing Fund (NHF) subscribers.

‎

‎"This event represents a significant milestone in our collective efforts to advance the cause of affordable housing and expand access to decent homeownership for Nigerians," Osidi said.

‎

‎He commended the ICPC for its diligence, professionalism and commitment in recovering and returning the asset, noting that the Commission's intervention had protected a valuable public asset and safeguarded the interests of millions of NHF contributors whose resources support the Bank's housing finance mandate.

‎

‎Osidi said the recovery also presents FMBN with an opportunity to recoup the substantial investment already committed to the project.

‎

‎"The development of the estate will enable FMBN to unlock the value of the resources already invested, strengthen the Bank's financial position and ensure that funds committed to the project ultimately deliver the intended value to the Bank and, by extension, to the generality of Nigerians," he said.

‎

‎He stressed that, as a responsible public financial institution, FMBN remains committed to ensuring that resources committed to housing projects are converted into tangible assets that deliver affordable homes while supporting the Bank's long-term financial sustainability.

‎

‎Earlier, Chairman of the ICPC, Dr. Musa Adamu Aliyu, SAN, said the recovery and transfer of the property demonstrated that recovered public assets must be put to productive use for the benefit of Nigerians.

‎

‎"The land before us is not being handed over as an abstract asset. It is being handed over to the institution that was wronged, for the specific purpose for which it was acquired: housing for Nigerians," Aliyu said.

‎

‎He added that the Commission would continue to work with FMBN, in line with the court's directive, by monitoring and supervising the construction of the 962 housing units through a joint committee to ensure the houses are completed and allocated to their intended beneficiaries.

‎