The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has formally transferred a parcel of forfeited land valued at approximately $65 million to the Federal Mortgage Bank of Nigeria (FMBN), in a move aimed at expanding access to affordable housing across the country.
The handover marks another step in the Federal Government’s efforts to recover and repurpose assets linked to corruption for projects intended to benefit the public.
Speaking during the transfer ceremony, ICPC officials said the property, which was forfeited following legal proceedings, would now be deployed by the Federal Mortgage Bank to support housing development and help address Nigeria’s housing deficit.
The commission said the initiative reflects the government’s commitment to ensuring that recovered assets are not left idle but are channelled into programmes that improve the lives of citizens.
Receiving the property, the Federal Mortgage Bank welcomed the transfer, describing it as a significant boost to its mandate of providing affordable housing for Nigerians. The bank said the land would be strategically utilised for housing projects designed to increase home ownership opportunities.
The transfer underscores growing collaboration between anti-corruption agencies and public institutions to ensure that assets recovered from illicit activities are converted into tangible social and economic benefits.
The ICPC has repeatedly maintained that the recovery and transparent utilisation of stolen assets remain central to its anti-corruption strategy, with a focus on strengthening public confidence in the management of recovered public resources.
