ICPC announces N53bn recovery for Federal Mortgage Bank – Nairametrics



The Independent Commission on Corruption and Other Related Offenses (ICPC) has recovered $ 53 billion from a developer for the Federal Mortgage Bank of Nigeria.

This was announced by ICPC Chairman Professor Bolaji Ovasanoye at a meeting with the House of Representatives Ad Hoc Committee to Investigate Real Estate Developers at FCT, Nigeria News Agency reported.

The ICPC boss said the developer took money from the Federal Mortgage Bank and did not provide housing. He added that the ICPC seeks to use its powers against developers who took government funds with the promise of providing houses to government or government employees without doing so.

What the ICPC boss said

He said that due to the housing shortage in the country, some developers are using government officials and deceiving them by promising them housing projects. He said the ICPC wants to work with a special committee to revitalize the housing sector because of its critical nature for the government.

Investment one

He said, “One way to tackle housing shortages and developer fraud in the country has been the government’s full deployment of technology and easy access to information.

“Lack of openness also creates problems.

“The government should at least make the information publicly available so that people can easily verify the details of the land.

“A lot of people are fooled by the fake layout, double placement, and more.”

House Ad Hoc Committee Chairman Blessing Onoch, Rep., Said that real estate developers often start projects and then abandon them and move to other cities after collecting money from subscribers.

Onoh said the committee is committed to proposing solutions to ensure that Nigerians who subscribe to housing projects ultimately become owners in accordance with the terms of their agreement.


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