Tuesday, January 29, 2013

Shock as Director is Convicted for Stealing N2 Billion and Fined N250,000 for the Crime

The big news in Nigeria this morning...

Director jailed 2yrs for stealing N33bn pension fund freed on N250,000 fine 

Activist says the N250 thousand fine in a monumental pension fraud is a “handshake”

An Abuja court on Monday handed a two year jail term, with a N250,000 fine option, to one of six federal officials tried for stealing N32.8 billion of police pension fund.

The sentencing is the first conviction in an elaborate scam that came to light early 2012 involving several top officials, offices and banks.

John Yakubu Yusuf, a former assistant director in the federal civil service, was tried on a 20-count charge alongside Atiku Abubakar Kigo (Permanent Secretary), Ahmed Inuwa Wada (Director), Veronica Onyegbula (Cashier) and Sani Habila Zira (ICT Officer).

Mr. Yusuf’s sentencing came after he pleaded guilty to betraying trust and fraudulently converting N2 billion of police pension funds to private use. The trial continues for the other accused.

Mr. Yusuf admitted to the 19th and 20th offences relating specifically to him, each involving betrayal of trust and the conversion of N1 billion apiece. The maximum penalty for the offence is two years.

Mr. Yusuf is to forfeit property traced to him by the Economic and Financial Crimes Commission, EFCC, valued at N325 million.

Source: Premium Times

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