Court Sentences Ex Pension Boss, Maina To Eight Years Imprisonment

A Federal High Court in Abuja has sentenced Abdulrasheed Maina, the former chairman of the now-defunct Pension Reformed Task Team to eight years imprisonment.

Maina was convicted after he was found guilty of money laundering.

In a judgement delivered on Monday by Justice Okon Abang, the court held that the prosecutor, the Economic and Financial Crimes Commission (EFCC) has produced essential evidence through witnesses to prove beyond reasonable doubt that Maina is guilty of money laundering in the sum of N171,099,000.

Maina was also found guilty of concealing his true identity as a signatory to accounts opened in two banks – UBA and Fidelity bank – by using the identity of his family members without their knowledge.

These accounts had cash deposits of N300million, N500million, and N1.5billion

The court held that Maina stole monies meant for pensioners as he could not prove where he got them from.

Maina (with security operatives) outside the court premises after he was sentenced to eight years imprisonment for money laundering on Monday, November 8, 2021.

The court also found Maina guilty for the purchase of a property in Abuja paid in cash in the sum of €1.19million, which is above the statutory threshold of N5million and without passing through a financial institution, describing it as a criminal offense.

However, while Maina was leaving the court premises, there was a squabble between operatives of the EFCC and security officials from Kuje correctional center on whose custody Maina is to be remanded, as the judge did not make any pronouncement on where he should be remanded.

While reading his judgement, the trial judge said the correctional center will be able to take care of his health.

After the scuffle was resolved, Maina was eventually taken to Kuje correctional center.

His Counsel Olusegun Jolaawo told journalists that they will be appealing the judgement.