Nigeria’s Independent Corrupt Practices and Other Related Offences Commission (ICPC) is set to arraign the former CEO of the Federal Mortgage Bank of Nigeria (FMBN), Gimba Yau Kumo, and others over an alleged $65 million real estate fraud in Abuja.
The ICPC accuses Kumo, who served as CEO during the Goodluck Jonathan administration, of approving a loan that led to the misuse of funds. The loan of N14 billion ($39 million at the exchange rate at the time) was secured from Ecobank Nigeria PLC in August 2012 for the development of a housing project in Kubwa, Abuja, known as the “Goodluck Jonathan Legacy City.” The project reportedly aimed to deliver 962 residential units within 18 months.
The ICPC alleges that the funds were directed to a firm that lacked the capacity to complete the project. This alleged mismanagement resulted in the project’s failure and a significant loss of public funds earmarked for affordable housing initiatives.
Kumo is not the only one facing arraignment. The ICPC has also named others who were allegedly involved in the deal, including Bola Ogunsola, who served as an Executive Director at the FMBN during Kumo’s tenure.
This case highlights the ongoing fight against corruption in Nigeria’s public sector. The ICPC’s move to arraign the former CEO and others sends a strong message that those suspected of misusing public funds will be held accountable.
The arraignment is expected to take place soon, but a specific date has not yet been made public. The outcome of the case will be closely watched, with Nigerians seeking justice and a return of any misappropriated funds.
