ICPC Charges Former FMBN MD and Others Over $65mn Fraud
By Patience Ikpeme
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has brought charges against the former Managing Director/CEO of the Federal Mortgage Bank of Nigeria (FMBN), Gimba Kumo Ya’u, and two others for allegedly diverting $65 million meant for a housing project.
Ya’u, along with former Executive Director Bola Ogunsola and Tarry Rufus, the Managing Director of T-Brend Fortunes Nigeria Limited, were arraigned before a Federal High Court in Abuja on Tuesday, November 26, 2024.
The ICPC alleges that the defendants conspired to divert funds from the FMBN and awarded contracts to companies that lacked the capacity to execute the projects. The charges include money laundering and violations of the Public Enterprises Regulatory Commission Act.
The case has been adjourned to February 6, 2025, for the commencement of trial. The ICPC’s efforts to prosecute individuals involved in financial crimes and hold them accountable for their actions are a significant step towards ensuring transparency and accountability in public institutions.
