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ICPC to arraign ex-CEO of Federal Mortgage Bank, others over alleged $65 million real estate fraud in Abuja

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) will arraign a former Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Yau for allegedly awarding a $65,000,000 real estate contract to an allegedly incompetent firm, Good Earth Power Nigeria Limited in 2012.
This is contained in ICPC’s charge sheet marked FHC/ABJ/CR/333/24, and filed on July 9, 2024, by Dr. Osuobeni Ekoi Akponimisingha, Assistant Chief Legal Officer, ICPC.
Yau, Bola Ogunsola, Mr.Tarry Rufus, Good Earth Power Nigeria Limited and T.brend Fortunes Limited are sued before the Federal High Court, Abuja for their alleged contravention of the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In the five-count charge obtained by Nairametrics on Wednesday, the anti-graft agency 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.
The ICPC maintains that the former bank CEO allegedly contributed to his organisation’s failure at the time by approving $65,000,000 to a firm that could not carry out and complete the real estate project.
The allegations stated that Mr. Gimba Kumo Yau and Bola Ogunsola, in their roles as Chief Executive Officer and Executive Director of the bank in August 2012, had secured a loan of N14 billion from Ecobank Nigeria PLC on behalf of the bank.
This loan was said to be earmarked for the development and completion of 962 residential housing units in Kubwa, Abuja, named “Goodluck Jonathan Legacy City,” within 18 months.
ICPC further alleged that Mr. Gimba Kumo Yau, as the bank’s CEO awarded the $65 million contract despite knowing that the company lacked the capacity to carry out the contract.
ICPC added that the project remains incomplete as of today thereby amounting to “economic adversity” for the bank and in violation of Section 68(1) of the Public Enterprise Regulatory Commission Act, CAP P39, Laws of the Federation, 2004.
The other defendants were accused of giving and receiving $3,550,000.00 of the contract sum in cash in contravention of the Money Laundering Act.
Tarry Rufus, Good Earth Power Nigeria Limited and T-Brend Fortunes Limited were accused of directly converting the sum of N991,399,255 into $3,550,000.00 and handing over the same to one Jason Rosamond (now at large) in cash, contrary to Section 18(2) (b) and punishable under Section 18 (a) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The Public Enterprise Regulatory Commission Act forbids an official from taking steps that will cause an enterprise to fail, with penalties involving jail terms.
It was gathered that a date had not been fixed for arraignment.
The defendants are innocent in the eyes of the law unless proven guilty by the courts.
Kumo’s lawyer, Barrister Okpara Orji confirmed to Nairametrics that his client was invited by anti-graft agencies some years back but was allegedly exonerated by its top investigators.
“The EFCC investigated the matter and they could not find anything linking Kumo.
“He was declared wanted by ICPC and we threatened to sue. They called him and pleaded; we have all those records,” Orji said.
Orji then alleged that the federal government institution was using a political witch hunt against his client.
“If they file any charge, immediately the matter is dismissed, we are going file for malicious prosecution because there is nothing linking Gimba in that matter.
“The director, of legal in ICPC, Henry Emore had said there is no charge against this man. So if they file any charge now, it is of political interest,” the lawyer claimed.
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Afe Babalola to withdraw defamation suit against Farotimi

Afe Babalola, the senior advocate of Nigeria (SAN), says he will withdraw the defamation suit filed against Dele Farotimi, a human rights advocate.
In December, Farotimi was arrested in Lagos and whisked to Ekiti.
Farotimi was remanded by the Ekiti state magistrate court in Ado-Ekiti for 21 days after he was accused of “criminally defaming” Babalola in a book titled: ‘Nigeria and its Criminal Justice System’.
He regained freedom on December 24, after being granted bail of N30 million by the court.
NAN reports that Babalola, who spoke at the Afe Babalola University (ABUAD) following the intervention of the Ooni of Ife, Oba Adeyeye Ogunwusi, and other first class traditional rulers at a midnight meeting, said he has agreed to withdraw the case.
He said he had received several letters as well as calls on the issue from eminent Nigerians, including from ex-president Olusegun Obasanjo and Matthew Kukah, the bishop of Sokoto diocese.
Babalola said he acquiesced to the traditional rulers’ entreaties because he has nothing to gain from Farotimi’s imprisonment.
The senior advocate assured the chiefs that he would direct his lawyers to withdraw the case.
Ogunwusi said Yoruba leaders and the traditional institution have been following the development keenly.
The monarch added that he and others resolved to intervene so that Babalola “can pardon his son, Farotimi”.
The Ooni of Ife also lauded Babalola for his integrity and urged him to remain steadfast.
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Wike makes U-turn on state police creation, says governors would abuse powers

Nyesom Wike, minister of the federal capital territory (FCT), says Nigeria does not have the institutional capacity for state policing.
The creation of state police has been on the front burner for years now, with many governors advocating for its implementation to enhance security within their domains.
Last year, Uba Sani, governor of Kaduna, announced that all 36 state governments had submitted their reports backing the creation of state police.
He said state policing would serve as a crucial step towards improving security across the country.
Speaking during a media chat on Sunday, Wike said the adoption of state or community policing would birth autocratic governors in several states.
“In Nigeria, what system do we run? Is Abuja different from Nigeria when you talk about the police? People have been recommending community policing and state police,” he said.
“Knowing where we are, and where we are from, if you allow that, so many people would not come out of their houses. So, I said let’s try it first and see how it works.
“But so many people said there’s no need to try, that we have seen that if they allow state policing today, nobody would oppose any state governor. It is either you would die for murder or for armed robbery. Our institutions are not such that are independent.”
The former governor said his previous support for state police does not necessarily mean it is still the right decision today.
“The mere fact that I supported state police [when I was governor], if I was wrong, I was wrong. If I was right, I was right,” he said.
“What we are saying is that our institutions are not strong to be independent of manipulation by the system.”
During his first term as governor, Wike assented to a bill establishing the neighbourhood safety corps.
Some of the functions of the corps included the detection of crime, arrest of offenders with or without a warrant, and bearing arms in the performance of their duties, among others.
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EFCC confirms killing of officer in Anambra, says personnel were on legitimate duty

The Economic and Financial Crimes Commission (EFCC) has confirmed the killing of Aminu Salisu, an assistant superintendent officer (ASO), in Anambra.
Salisu was allegedly killed by Joshua Ikechukwu, a suspected internet fraudster, during an arrest operation in Anambra on Friday.
In a statement on Sunday, Dele Oyewale, the EFCC spokesperson, said the late officer was killed while discharging a legitimate duty.
Oyewale said the suspect, who spotted investigators via closed-circuit television (CCTV) cameras mounted at his doorstep, refused to open his door despite their “polite request for entrance.”
“Aminu Sahabi Salisu, assistant superintendent of the EFCC, alongside other investigators of the EFCC, were at Dr. J.O. Ukwutinife Close, Ifite, Awka, Anambra State, to arrest some suspected internet fraudsters in the early hours of January 17,” the statement said.
“The operation was duly documented at the Anambra state command headquarters and area command of the Nigeria Police in line with operational protocols.
“The operation was initially smooth sailing with 37 suspected internet fraudsters already arrested at a two-storey building housing Ikechukwu and other occupants of the house.
“However, Joshua Ikechukwu, who sighted the investigators through a CCTV camera mounted at his doorpost and who also confessed sighting them, declined to open his door for the investigators, who politely demanded entrance to his apartment.
“Defying all the introduction and physical sighting of the investigators, he resorted to firing shots at them and killed Salisu in the process and wounded another officer detailed to conduct a search in his apartment.”
The EFCC spokesperson said preliminary investigations showed that Ikechukwu was involved in coding and online medical supplies of doubtful legitimacy.
He said two laptops, iPads, and several recording devices were recovered from his apartment, adding that though currently in police custody, the commission would bring him to trial.
Oyewale said the commission “viewed with concern irresponsible narratives on the fatal accident and faceless commentators supporting an alleged criminal”.
He added that the anti-graft agency also commiserated with the family of the slain officer and appreciated support from sister agencies and well-meaning individuals.
“It is heinous to reduce the death of a gallant officer who was carrying out patriotic and official duties to social media razzmatazz,” he said.
“More worrisome is the fact that some faceless commentators are pitching their tents with an alleged criminal who unleashed terror on officers of the EFCC in their line of duty.
“There is no justification whatsoever to rationalise a murderous act. The milk of human kindness demands that a grieving family, commission, and nation should be spared the shenanigans of false narratives and conjectures on the death of the slain officer.
“The EFCC also wishes to alert the public that the activities of internet fraudsters are becoming patently hazardous to public safety and security.
“Intelligence has shown that these criminals are carrying arms and are involved in kidnapping, banditry, ritual killings, and other deadly acts.
“The public should not fold its arms or allow itself to be deceived that they are mere ‘Yahoo boys and girls”.
“As for the EFCC, every subsequent attack on any of its officers will be met with the force of the law. The Commission will not fold its arms and allow any of its officers to be killed again in cold blood.
“As a law enforcement agency of repute, the EFCC is unrelenting in ridding the nation of internet fraud and other acts of corruption.
“While mourning the loss of its officer who paid the supreme price in the service of the nation, the Commission appreciates the invaluable support, condolences, and prompt response of sister agencies and well-meaning individuals standing shoulder to shoulder with it at this trying time.”