Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Government

ICPC Arraigns Ex-CEO of Mortgage Bank Over $65m Real Estate Fraud

Nnaemeka OkwarabyNnaemeka Okwara
July 11, 2024
in Government
0
ICPC Arraigns Ex-CEO of Mortgage Bank Over $65m Real Estate Fraud
Share on FacebookShare on TwitterShare on Whatsapp

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is set to arraign former CEO Gimba Kumo Yau and others over alleged $65 million real estate fraud in Abuja. The accused are facing charges for their roles in a botched real estate deal that has left a multi-billion naira project incomplete.

Table of Contents

Toggle
  • Allegations of Contract Irregularities and Misappropriation of Funds
  • ICPC’s Case Against the Accused
  • Consequences of the Alleged Fraud
  • Legal Implications
  • Next Steps

Allegations of Contract Irregularities and Misappropriation of Funds

According to the ICPC’s charge sheet, Yau and others allegedly awarded a contract to an incompetent firm, Good Earth Power Nigeria Limited, and misappropriated funds meant for the project. The contract, worth $65 million, was for the development of 962 units of residential housing in Kubwa, Abuja, named “Goodluck Jonathan Legacy City”.

ICPC’s Case Against the Accused

The ICPC has filed a five-count charge against Yau, Bola Ogunsola, Tarry Rufus, Good Earth Power Nigeria Limited, and T.Brend Fortunes Limited. The charges include:

  • – Contravention of the Public Enterprises Regulatory Commission Act
  • – Violation of Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022
  • – Making payment to Good Earth Power Nigeria Limited in the sum of N3,785,000,000.00 without proper execution of the contract
  • – Approving $65,000,000 to a firm that lacked the capacity to carry out and complete the real estate project
  • – Giving and receiving $3,550,000.00 of the contract sum in cash, in contravention of the Money Laundering Act

Consequences of the Alleged Fraud

The ICPC alleges that the accused’s actions led to the failure of the project, resulting in economic adversity for the Federal Mortgage Bank of Nigeria (FMBN). The project remains incomplete, and the bank has suffered significant losses.

Legal Implications

The accused are facing serious legal consequences, including jail terms, for their alleged roles in the fraud. The Public Enterprise Regulatory Commission Act forbids officials from taking steps that will cause an enterprise to fail, and the Money Laundering (Prevention and Prohibition) Act imposes severe penalties for violations.

Next Steps

The arraignment is expected to take place soon, and the ICPC has vowed to ensure that justice is served. The case is a significant one, and the outcome will have far-reaching implications for the banking and real estate sectors in Nigeria.

Tags: Ex-CEOfederal characterfraudICPCICPC Arraigns Ex-CEO of Mortgage Bank Over $65m Real Estate FraudMortgageNewsReal estate
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

Related Posts

Oba Ewuare II Dismisses Iyaloja Role In Benin
Government

Oba Ewuare II Dismisses Iyaloja Role In Benin

October 2, 2025
Is Britain's Fight Against Antisemitism Failing After Manchester Synagogue Attack
Government

Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

October 2, 2025
Is China's New 'K Visa' a Direct Challenge to the US H-1B Program?
Government

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

October 2, 2025
Next Post
Bill Hwang, Archegos Founder Gets Convicted of Fraud

Bill Hwang, Archegos Founder Gets Convicted of Fraud

Uruguay Players Involved in Post-Match Confrontation with Colombia Fans at Copa América Semi-Final

Uruguay Players Involved in Post-Match Confrontation with Colombia Fans at Copa América Semi-Final

Bayern Munich Secures Joao Palhinha Signing from Fulham

Bayern Munich Secures Joao Palhinha Signing from Fulham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Buckle Up Fashionistas, Its Cowboy Core SZN And These Celebrities Are Killing It

Buckle Up Fashionistas, Its Cowboy Core SZN And These Celebrities Are Killing It

2 years ago
Nollywood Mourns As Isakaba Star Columbus Irisoanga Passes Away

Nollywood Mourns As Isakaba Star Columbus Irisoanga Passes Away

8 months ago
Decoding The Reason Behind Hiccups

Decoding The Reason Behind Hiccups

1 year ago
Gabriel Magalhaes Signs New Arsenal Contract Till 2029 Arsenals

Gabriel Magalhaes Signs New Arsenal Contract Till 2029

4 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

BBNaija S10: Here’s Why Fans Are Demanding Faith’s Disqualification

Supreme Court or Nothing: Rivers Emergency Suit Thrown Out

NARD Sounds Alarm as Malnutrition Wipes Out Nigeria’s Next Generation

Investors Dumped U.S. Assets Overnight As Government Shutdown

Why Are Federal Layoffs ‘Imminent’ in the Government Shutdown?

Trending

Oba Ewuare II Dismisses Iyaloja Role In Benin
Government

Oba Ewuare II Dismisses Iyaloja Role In Benin

byEriki Joan Ugunushe
October 2, 2025
0

Oba Ewuare II has spoken, and once again he has reminded everyone that Benin is not a...

Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire

October 2, 2025
Is Britain's Fight Against Antisemitism Failing After Manchester Synagogue Attack

Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

October 2, 2025
Is China's New 'K Visa' a Direct Challenge to the US H-1B Program?

Is China’s New ‘K Visa’ a Direct Challenge to the US H-1B Program?

October 2, 2025
BBNaija S10: Here’s Why Fans Are Demanding Faith’s Disqualification

BBNaija S10: Here’s Why Fans Are Demanding Faith’s Disqualification

October 2, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Oba Ewuare II Dismisses Iyaloja Role In Benin
  • Shah Rukh Khan a Billionaire? How the ‘King of Bollywood’ Built His Empire
  • Is Britain’s Fight Against Antisemitism Failing After Manchester Synagogue Attack

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com