The Federal High Court in Abuja Monday sentenced a former chairperson of the defunct Pension Reform Task Team (PRTT), Abdulrasheed Maina, to eight-year imprisonment for money laundering offences involving N2billion in pension fund.
The judge, Okon Abang, jailed Maina after convicting him and his company, Common Input Property and Investment Limited on all the 12 counts filed against them by the Economic and Financial Crimes Commission (EFCC).
According to News Agency of Nigeria (NAN), the judge sentenced Maina to various jail terms ranging from three to eight years, which are to run concurrently.
He jailed the convict three years for count 1, five years for coun 2, eight years for count 3, eight years for count 4, two years for count 5, five years for count 6, and eight years in count seven.
He also sentenced him to three years in jail for count 8, five years for count 9, eight years for count 10, three years for count 11 and three years for count 12.
He ordered that the terms of imprisonment shall run concurrently beginning from October 25, 2019, the date he was arraigned.
This implies that Maina will spend the longest sentence which is eight years in jail.
As for the Common Input Property and Investment Ltd’s punishment, the judge ordered that it be wound up and its assets forfeited to the federal government.
He held that Maina stole over N2 billion belonging to pensioners, “most of whom have died without reaping the fruits of their labour.”
“In my view, it is
pensioners’ funds the 1st defendant (Maina) stole, and some of the pensioners died out of frustration,” Abang said.
In his analysis of the evidence led in the case, Abang held that the prosecution established its case against Mr Maina.
According to the judge, the prosecution established that Maina purchased property in Abuja with $1.4million cash without passing through a financial institution. The amount, the judge said, was far above the cash transaction threshold of N5 million.
He also ruled that the prosecution proved that Maina concealed his true identity as signatory to the accounts he opened banks and condemned the roles of the banks in the opening of the fraudulent accounts.
The sums of N300 million, N500 million and N1.5 billion which, according to the judge, were stolen by Maina from pensioners, were deposited in the accounts.
According to the judge, an EFCC witness, who testified during the trial, pointed out that Maina, whose salary as a civil servant was N256, 000, could not have legitimately had such money running into billions in his accounts even if he saved all his salaries for 35 years.
He said “the money formed part of unlawful activities to which the 1st defendant reasonably ought to have known.”
