PENSION FRAUD: Maina’s Son, Faisal Bags 14 Year Jail Term

Justice Okon Abang of the Federal High Court sitting in Abuja, today, Thursday, October 7, 2021, convicted and sentenced the son of former Chairman of the defunct Pension Reform Task Team, PRTT, Abdulrasheed Maina, Faisal, to 14 years imprisonment.

Source: EFCC

The Court found Faisal guilty on a three-count charge of money laundering brought against him by the EFCC.

EFCC Calls for Concerted Action Against Pension Fraud

Bawa

The Executive Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa on Tuesday, October 5, 2021 called for a concerted action by all stakeholders in ensuring an efficient, effective and fraud-free pension system in Nigeria.

The EFCC chairman stated this in his opening address at the commencement of a two-day National Summit tagged, Eradication of Pension Fraud in Nigeria, at the Nigerian Air Force Conference Centre, Kado, Abuja.

According to him, the EFCC as the coordinating agency for the enforcement of all economic and financial crimes laws, is conversant with the rot in the pension sector. “We have investigated and documented hundreds of billions of Naira lost to fraud in the pension industry. 

However, beyond the money, is also the unquantifiable loss of dignity in the retiree who has to grovel and beg (and even die in some instances) in order to access his contributions. It is the shame of a nation that those who have contributed their most productive years to us in various capacities have to go through hell to live in retirement.