The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned three suspects accused of diverting $65 million meant to construct 962 houses in Abuja.
Those arraigned are Gimba Ya’u, a former Chief Executive Officer of Federal Mortgage Bank of Nigeria (FMBN), Bola Ogunsola, a former FMBN director, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited.
The money was allocated for the construction of 962 residential units at the Goodluck Jonathan Legacy City in Kubwa, Abuja.
The ICPC filed a five-count charge in the suit marked FHC/ABJ/CR/333/24 against the defendants.
It accused them of violating provisions of the Public Enterprises Regulatory Commission Act and the Money Laundering (Prevention and Prohibition) Act, 2022.
The commission alleged that Ya’u authorised the payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor without the capacity to execute the project.
It said as of now, the project remains unfinished, causing significant financial loss to the bank, a clear violation of Section 68(1) of the Public Enterprise Regulatory Commission Act.
The defendants, however, pleaded not guilty to the charges.
Following their plea, Justice Omotosho granted them bail on liberal terms, and adjourned the case till February 6, 2025.
