Maina Bags Eight years Prison Term For Stealing N2.1bn Pension Fund

FEDERAL High Court Abuja, has sentenced former Chairman of the defunct Pension Reform Task Team (PRTT), Abdulrasheed Maina to eight years imprisonment over money laundering charges.

Economic and Financial Crimes Commission (EFCC) had brought the charges against Maina before the court which also found Maina guilty of concealing his identity by inducing staff of  Fidelity Bank and UBA, to open accounts for him, without carrying out due diligence, as he used the identities of members of his family without their knowledge.

The two accounts were said to have cash deposits of N300 million, N500 million, and N1.5 billion.

The High Court Judge, Justice Okon Abang who ruled on the matter on Monday, November 8, 2021, declared that the prosecution (EFCC) had successfully proven the vital facts of the offences contained in the charge, beyond reasonable doubt and therefore, convicted him.

READ ALSO: PENSION FRAUD: Maina Set For Judgement As Court Closes Case

Abang held that Maina stole monies meant for pensioners, as he could not explain the source of the monies in his accounts, adding that, his salaries and emolument as a civil servant could not justify the monies in the said accounts which he is a signatory.

The Court further found Maina guilty of purchasing a property in Abuja for which he paid with $1.4 million cash, without passing through a financial institution.

The court also ordered Maina and his firm, Common Input Property and Investment Limited, to pay back about N2.1billion that was traced to their bank accounts, to the Federal Government, after which it ordered that the company should be wound up.

The court had on October 8, adjourned the trial to November 8 for judgment after Justice Abang refused the request by counsel to Maina, Anayo Adibe, asking for time to file his written address. The prosecuting counsel, Farouk Abdullah opposed the application on the ground that the defendants had ample time to prepare their written address.

In the course of the trial, EFCC had called several witnesses to testify on the matter.