Just in: Maina jailed 61 years for pension fraud, money laundering

Erstwhile Chairman of the defunct Pension Reforms Task Team, Abdulrasheed Maina, is to spend the next 61 years in jail, a court ruled on Monday in Abuja.

Justice Okon Abang of a Federal High Court, Abuja, who handed down the verdict, convicted him of money laundering.

The court pronounced that Abdulrasheed Maina stole monies meant for pensioners as he could not prove where he got about N2.3 billion in his accounts at from.

Marina was also found guilty of inducing staff of Fidelity Bank to open bank accounts for him without conducting due diligence.

The judge also held that he committed a crime by concealing his true identity as signatory to accounts opened in UBA and Fidelity Bank by using the identity of his family members without their knowledge.

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These accounts have the following cash deposits of N300 million, N500 million and N1.5 billion.

Abang said Abdulrasheed Maina as a civil servant, his salary and emoluments could not amount to the billions in the accounts.

According to him, the Economic and Financial Crimes Commission had produced essential evidence through the witnesses called to prove beyond reasonable doubts that Maina was also guilty of money laundering in sum of N171 million.

The proceeds, the court ruled, formed part of unlawful act.

The 61 years jail term is to run concurrently for eight years.