- Ex-Federal Mortgage Bank of Nigeria (FMBN) boss Gimba Ya’u and others faced charges for diverting $65 million intended for 962 housing units
- Ya’u's alleged misdeeds occurred during his tenure as CEO and are tied to the Goodluck Jonathan Legacy City project
- The accused allegedly mismanaged a N14 billion loan and caused the bank significant losses
Gimba Ya’u, the ex-CEO of the Federal Mortgage Bank of Nigeria (FMBN), has been arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for his alleged role in diverting $65 million.
Ya’u, in-law of former President Muhammadu Buhari, was arraigned alongside Bola Ogunsola, a former director at FMBN, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited, on Tuesday, November 26. They faced charges before Justice James Omotosho of the Federal High Court in Abuja.
$65 million housing project funds diverted
According to reports, the money was intended for the construction of 962 housing units at the Goodluck Jonathan Legacy City, located in Kubwa, Abuja.
The ICPC filed a five-count charge against the defendants, marked FHC/ABJ/CR/333/24, accusing them of breaching the provisions of the Public Enterprises Regulatory Commission Act and the Money Laundering (Prevention and Prohibition) Act, 2022.
The allegation stated that Ya’u approved a payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor lacking the capacity to complete the project, resulting in its incomplete status.
Gimba Ya’u, others, arraigned over corruption
This caused the bank to experience considerable financial losses, in breach of Section 68 (1) of the Public Enterprise Regulatory Commission Act.
The ICPC further accused the defendants of mismanaging a N14 billion loan obtained from Ecobank Nigeria PLC in 2012 for the project.
Recall that in 2016, former President Muhammadu Buhari held a formal marriage ceremony for his daughter, Fatima, to Yau Gimba Kumo in Daura, his place of origin
The court adjourned the trial of Gimba Ya’u calling with other defendants to February 6, 2025.
Former Kogi Governor Yahaya Bello Summoned Over Alleged N110.4bn Fraud
Meanwhile, TheRadar earlier reported that the Economic and Financial Crimes Commission (EFCC) charged Yahaya Bello and co-defendants with a 16-count indictment, including criminal breach of trust, following unsuccessful attempts to serve the charges.
Justice Maryanne Anenih ordered the EFCC to publish summons in a national newspaper and display copies at key locations.