The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned the former Managing Director/CEO of the Federal Mortgage Bank of Nigeria (FMBN), Gimba Kumo Ya’u, alongside two others, over allegations of diverting $65 million intended for a housing project in Kubwa, Abuja.
According to a statement sent to Africa Health Report (AHR) on Wednesday by the Spokesperson of the Commission, the director of public Enlightenment and Education Demola Bakare, Mr. Ya’u, former FMBN Executive Director Bola Ogunsola, and Tarry Rufus, Managing Director of T-Brend Fortunes Nigeria Limited, appeared before Justice James Omotosho of the Federal High Court, Abuja, on Tuesday.
They face charges of money laundering and contravening the Public Enterprises Regulatory Commission Act.
The ICPC alleges that Mr. Ya’u authorized payments totalling N3.785 billion to Good Earth Power Nigeria Limited for the development of 962 residential units in Kubwa, Abuja, under the “Goodluck Jonathan Legacy City” project. The prosecution claims the company lacked the capacity to execute the contract, which remains incomplete.
The ICPC also alleges that the trio secured a N14 billion loan from Ecobank Nigeria PLC in August 2012 and mismanaged the funds, causing significant financial losses to the bank.
The defendants are accused of engaging in illicit financial transactions, including converting N991 million into $3.55 million and transferring it in cash to a foreign national, Jason Rosamond, who is reportedly at large.
The charges include breaches of the Money Laundering (Prevention and Prohibition) Act, 2022.
All three defendants pleaded not guilty and were granted bail by Justice Omotosho on liberal terms and adjourned the case to February 6, 2025, for trial.
