- The defendants however pleaded not guilty when the charges were read to them.
- Justice Omotosho granted the defendants bail in most liberal terms.
The Independent Corrupt Practices and other related offences Commission has arraigned Gimba Kumo Ya’u, former CEO of Federal Mortgage Bank, for allegedly diverting $65 million meant for housing units.
He was arraigned alongside Bola Ogunsola, ex-FMBN director, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited, before Justice James Omotosho of the federal high court in Abuja.
The money was meant to build 962 residential housing units in Kubwa, Abuja, named “Goodluck Jonathan Legacy City”.
The ICPC accused the trio of violating the public enterprises regulatory commission act and the money laundering act, 2022, in a five-count charge marked FHC/ABJ/CR/333/24.
Ya’u was accused of authorising N3.78 billion payment to Good Earth Power Nigeria Limited, a contractor lacking capacity.
The project remains incomplete, causing economic adversity for the bank, violating Section 68(1) of the public enterprise regulatory commission act [1).
The decade-long incompletion has incurred substantial financial losses for the bank.
The ICPC also accused the defendants of securing a N14 billion loan from Ecobank Nigeria PLC in 2012 and mismanaging the funds.
One charge alleged the defendants converted N991 million into $3.55 million, handing it to Jason Rosamond, a foreign associate, reportedly at large.
The defendants pleaded not guilty; Justice Omotosho granted them bail and adjourned the trial to February 6, 2025.
The ICPC reaffirmed its commitment to ensuring accountability in managing public funds, especially in critical sectors like housing development.
Discussion about this post