Justice Okon Abang of the Federal High Court in Abuja has handed down 8-year jail term on the erstwhile chairman of the defunct Pension Reform Task Team (PRTT), Mr. Abdulrasheed Maina for stealing pensioners’ funds amounting to more than N2 billion.
Recall that in 2019, Maina was arraigned by the Economic and Financial Crimes Commission (EFCC), but he pleaded not guilty to a 12-count charge of money laundering to the tune of N2 billion.
Delivering judgement on Monday, Justice Abang found Maina guilty on all the 12-count charge preferred by the EFCC against him and his company, Common Input Property and Investment Limited.
He said the agency had successfully established, beyond any reasonable doubt, the essential ingredients of the offences contained in the charge.
The judge said Maina was guilty of concealing his true identity as a signatory to accounts opened in two banks, using the identity of his family members without their knowledge.
The accounts had cash deposits of N300 million, N500 million and N1.5 billion.
He said throughout Maina’s service as a civil servant, his salary and emoluments could not have amounted to the monies in the accounts.
The court also found the defendant guilty of purchasing a property in Abuja, with cash, in the sum of $1.4 million, which is above the statutory threshold of N5 million and without passing through a financial institution.
He noted that the prosecution produced essential evidence through witnesses called to prove beyond reasonable doubt that Maina is also guilty of money laundering to the tune of N171, 099, 000.
According to the jurist, the amount formed part of the proceeds of unlawful act.
“I find the defendant (Mr. Maina) guilty and convicted in count 2, 6, 9, 3, 7 and 10,” the judge declared.
Justice Abang said although the law makes provision for a maximum sentence of 14 years, he was moved by Maina’s plea for mercy.
He added that the 8-year sentence would run concurrently, with effect from October 25, 2019.
The judge ordered the convict and his firm to restitute about N2.1 billion that was traced to their bank accounts to the federal government and wind up the company thereafter.
Besides, the court ordered the forfeiture of Maina’s two choice properties at Life Camp and Jabi districts of Abuja, to the government, as well as the auction of a bulletproof car and a BMW 5 series car that was found on the premises of the convict.
