The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Gimba Ya’u, the former Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), for allegedly diverting $65 million allocated for the construction of 962 residential units at the Goodluck Jonathan Legacy City in Kubwa, Abuja.

Ya’u, alongside Bola Ogunsola, a former FMBN director, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited, was arraigned before Justice James Omotosho of the Federal High Court in Abuja on Tuesday.

The ICPC has filed a five-count charge marked FHC/ABJ/CR/333/24 against the defendants, accusing them of violating 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, leading to its incomplete status.

It said as of now, the project remains unfinished, causing significant financial loss to the bank and violating Section 68(1) of the Public Enterprise Regulatory Commission Act.

The ICPC also alleged that the defendants mismanaged a N14 billion loan secured from Ecobank Nigeria PLC in 2012 for the project.

The defendants pleaded not guilty to the charges, and following their plea, Justice Omotosho granted them bail on liberal terms. The trial has been adjourned to February 6, 2025. (Daily Trust)