The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Gimba Ya’u, the former Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), over allegations of diverting $65 million allocated for a housing project in Abuja.
Ya’u, along with Bola Ogunsola, a former FMBN director, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited, appeared before Justice James Omotosho of the Federal High Court in Abuja on Tuesday.
The ICPC filed a five-count charge against the defendants, accusing them of breaching the Public Enterprises Regulatory Commission Act and the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges stem from allegations that Ya’u authorized the payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor that allegedly lacked the capacity to execute the construction of 962 residential units at the Goodluck Jonathan Legacy City in Kubwa, Abuja. The project remains incomplete, resulting in significant financial losses for FMBN.
The ICPC also accused the defendants of mismanaging a N14 billion loan secured from Ecobank Nigeria PLC in 2012, which was intended for the same project.
During the proceedings, the defendants pleaded not guilty to all charges. Justice Omotosho granted them bail on liberal terms and adjourned the trial to February 6, 2025.
The case highlights the ICPC’s ongoing commitment to tackling corruption and ensuring accountability in the management of public funds.
