The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Gimba Kumo Ya’u, the former Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), over an alleged $65 million money laundering scheme.
Ya’u, alongside Bola Ogunsola, a former Executive Director, and Tarry Rufus, Managing Director of T-Brend Fortunes Nigeria Limited, appeared before Justice James Omotosho at the Federal High Court, Abuja. The ICPC alleged that the funds were misappropriated from a project to develop 962 residential housing units in the Kubwa district of Abuja, known as “Goodluck Jonathan Legacy City.”
The commission’s charge sheet (FHC/ABJ/CR/333/24) accuses the defendants of violating the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.
In a five-count charge, ICPC claimed that Ya’u, as FMBN’s CEO, facilitated a N14 billion loan from Ecobank Nigeria PLC in 2012 and awarded the $65 million contract to a company allegedly lacking the capacity to execute the project. Despite a partial payment of N3.785 billion to Good Earth Power Nigeria Limited, the project remains incomplete.
Additionally, Rufus and other defendants allegedly converted N991,399,255 into $3.55 million, which was handed to an individual, Jason Rosamond, who is currently at large. The ICPC says this action contravenes the Money Laundering Act.
All three defendants pleaded not guilty to the charges. Justice Omotosho adjourned the case to February 6, 2025, for trial commencement.
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