The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Gimba Ya’u, the former Chief Executive Officer (CEO) of the Federal Mortgage Bank of Nigeria (FMBN), for allegedly diverting $65 million meant for the construction of 962 residential units at the Goodluck Jonathan Legacy City in Kubwa, Abuja.
Ya’u, along with Bola Ogunsola, a former FMBN director, and Tarry Rufus, the managing director of T-Brend Fortunes Nigeria Limited, faced five counts of corruption-related charges before Justice James Omotosho at the Federal High Court in Abuja on Tuesday.
According to the charges, the trio violated the Public Enterprises Regulatory Commission Act and the Money Laundering (Prevention and Prohibition) Act, 2022. The ICPC accused Ya’u of authorizing a payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor allegedly lacking the capacity to execute the project. The commission stated that the project, which has remained unfinished for over a decade, has caused significant financial losses to the bank.
The ICPC further alleged that the defendants secured a N14 billion loan from Ecobank Nigeria PLC in 2012 for the project but mismanaged the funds. Another charge revealed that the defendants converted N991 million into $3.55 million, which was then handed in cash to Jason Rosamond, a foreign associate reportedly at large.
The defendants pleaded not guilty to all charges. Justice Omotosho granted them bail on liberal terms and adjourned the trial to February 6, 2025.
