Maina Used 2 Banks as Conduits for N2Bn Fraud – Justice Abang

Justice Okon Abang of the federal high court in Abuja, has revealed the roles two Nigerian banks played in the N2 billion pension fraud perpetrated by Abdulrasheed Maina, a former chairperson of the defunct Pension Reform Task Team (PRTT).

Maina induced staff of the banks to open bank accounts for him without conducting the requisite due diligence.

He concealed his true identity as a signatory to accounts opened in the two banks by using the identity of his family members without their knowledge.

Justice Okon Abang sentenced Maina to eight years imprisonment in his judgement at the end of two-year trial on Monday.

The judge said the banks were used by  Maina as “conduit” to defraud pensioners.

Noting that the convict’s fraudulent activities “ruined” many homes in the country, Abang said the two banks ought to have been charged alongside  Maina for serving as “conduits” through which the stolen funds were channelled.

In the charge marked FHC/ABJ/CR/256/2019, the Economic and Financial Crimes Commission (EFCC) alleged that Maina used fictitious names to open and operate various bank accounts.

He also recruited his relatives that were bankers to operate fake bank accounts through which illicit funds were channelled.

These accounts had cash deposits of N300 million, N500 million and 1.5 billion respectively.

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

Justice Abang also held that through Maina’s service as a civil servant his salary and emoluments will not amount to the monies in these accounts.