Gimba Ya’u, the former Chief Executive Officer 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 involvement in the diversion of $65 million.
Ya’u, who is also an in-law to former President Muhammadu Buhari, appeared in court alongside Bola Ogunsola, a former director at FMBN, and Tarry Rufus, the managing director of T-Brend Fortunes Nigeria Limited.
The trio faced charges before Justice James Omotosho of the Federal High Court in Abuja on Tuesday, November 26, 2024.
The funds in question were earmarked for the construction of 962 housing units at the Goodluck Jonathan Legacy City, located in Kubwa, Abuja. However, reports suggest that the $65 million meant for this project was allegedly misappropriated, leaving the housing initiative incomplete.
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 as well as the Money Laundering (Prevention and Prohibition) Act, 2022.
Specifically, the allegations centre around Ya’u’s approval of a payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor which reportedly lacked the capacity to complete the housing project. As a result, the project remains unfinished, leading to significant financial losses for the bank.
In addition, the ICPC accused the defendants of mishandling a N14 billion loan that was obtained from Ecobank Nigeria PLC in 2012 to finance the project.
It is worth noting that Gimba Ya’u, the central figure in the case, is the son-in-law of former President Muhammadu Buhari, as he married Buhari’s daughter, Fatima, in 2016 in a ceremony held in Daura, the president’s hometown.
The Federal High Court in Abuja has set the next hearing for February 6, 2025. This trial marks a significant development in the ongoing efforts to tackle corruption and financial mismanagement in Nigeria’s public sector.
The case continues to attract attention due to the high-profile individuals involved and the scale of the alleged financial misconduct.
