Saturday, July 13, 2013

Part 2 Nigeria: N5 Billion Pension Fraud - Ex-Director Protects N500m Bail

 Part 1
The duo who are answering to a 22-count criminal charge bordering on conspiracy, fraud, breach of public trust and obtaining by false pretense, were on June 7, arraigned before the high court by the Economic and Financial Crimes Commission, EFCC. EFCC had maintained that the accused persons used nine companies and siphoned pension funds.

It gave names of the businesses accused of complicity in the pension scam as Gozinda Enterprises, Bashinta Nigeria Ltd, Haleath Enterprises, Uthatak Nigeria Ltd, Krasiva Nig Ltd, Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited, Ribaile Petroleum Ltd.
EFCC had earlier revealed before the court how the accused persons used seven Bureau De Change operators and stole pension funds, adding that throughout the investigation process, one Mohammed Muhamud, owner of Muha Motors, who it said volunteered statements on 16/2/2011 and 31/5/2011, confessed that Dr Shaibu, at various times, used his bank accounts to transfer huge sums of money to another account operated by one Chief Anthony Azewaputa, who EFCC said facilitated the purchase of "Brifina Hotel", for the 1staccused person.

The agency told the court that the offence which it said ran unlike sections 1(1) (a), 7(1) (b) (i), 8(a) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under sections 1(3), 7(2) (b) (i) of the exact same Act, was committed between 2009 and 15 March 2010.
Much more, EFCC, alleged that the remanded pension boss, siphoned money from the pensions department and purchased plot B59 Dawaki Extension Layout in Abuja in one Stanley Obioma Iwu, with the intent to disguise the ownership of the proceeds of the illegal transaction, along with, looted monies and purchased 100 units of Lifetime 32-LCD Television, 100 units of Samsung Refrigerators, 70 units of Samsung 1.5 HP Air-Conditioners, 30 units of Samsung Split unit 1.5 HP Air Conditioners, 15 units of 3HP Package unit Air-Conditioners from Iwu, Chikwado Ezenwoye and Essential Gadgets Ventures

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