Two Nigerian banks were rebuked for their role in a $4 million theft from pensioners.
Maina diverted N300 million ($730,00, N500 million ($1.2 million) and N1.5 billion ($3.6 million) into accounts he opened with United Bank for Africa (UBA), and Fidelity bank with family members as signatories, the court said. For failing to flag the identities, Abang said both banks “should have been arraigned with the convict for illegal transactions” and have their banking licenses withdrawn.
BREAKING, Local News
JUST IN: Ex-Pension Boss, Maina sentenced to 61 years imprisonment for money laundering
A justice of a federal high court sitting in Abuja, Okon Abang has sentenced a former chairman of Pension Reforms Task Team, Abdulrasheed Maina to 61 years imprisonment but to run concurrently at eight years in jail for N2 billion pension fraud.
Maina was found guilty of money laundering by Justice Okon Abang.The federal high court had found the ex-pension boss guilty of inducing staff of Fidelity Bank to open bank accounts for him without conducting due diligence and money laundering.

