The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned a former Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Ya’u and two others over an alleged diversion of $65 million meant for the development of 962 units of residential housing units in Kubwa District, Abuja.
ICPC spokesperson, Demola Bakare said in a statement that Mr. Ya’u, an in-law to former president Muhammadu Buhari was arraigned on Tuesday before Justice James Omotosho of the Federal High Court, Abuja alongside the former Executive Director of the bank, Mr. Bola Ogunsola and the Managing Director of T-Brend Fortunes Nigeria Limited, Mr. Tarry Rufus.
According to the ICPC in a charge sheet marked FHC/ABJ/CR/333/24, the alleged offences contravened the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.
The ICPC, in a five-count charge accused Yau of making payment to Good Earth Power Nigeria Limited in the sum of N3,785,000,000.00 out of the total contract sum of $65,000,000, for the development of 962 Units of Residential Housing in Kubwa, Abuja named “Goodluck Jonathan Legacy City” contrary to accepted practice.
