A federal high court in Abuja on Monday convicted former chairman of the Pension Reform Task Team (PRTT), Abdulrasheed Maina on charges of money laundering.
Justice Okon Abang, held that Maina stole over N2 billion belonging to pensioners, “most of whom have died without reaping the fruits of their labor”.
The judge also found Maina guilty of purchasing a property in Abuja for which he paid with $1.4million cash, which is above the statutory threshold of N5million and without passing through a financial institution, describing it as a criminal offense.
Maina was found guilty of concealing his true identity as signatory to accounts opened in two new generation banks by using the identity of his family members without their knowledge.
The accounts had cash deposits of N300 million, N500 million, and N1.5 billion. Abang found the accused guilty on all 12 counts and sentenced him to eight years imprisonment.
The judge said although the law made provision for a maximum sentence of 14 years, he was moved by Maina’s plea of allocutus — a plea made to the court by a defendant who has been found guilty prior to being sentenced.
The court ordered Maina and his firm, Common Input Property and Investment Limited, to forfeit about N2.1 billion traced to their bank accounts to the federal government, after which the company should be wound up.
Also, the court ordered that Maina’s properties at Life Camp and Jabi Districts of Abuja should be forfeited to the government.
The convict’s bulletproof car and a BMW 5 series vehicle that was found at the premises of the convict would also be auctioned and the proceeds forfeited to the government.