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PENSION FRAUD: COURT GRANTS SHUAIBU N50M BAIL

By NBF News
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The Federal High Court in Abuja yesterday granted Dr. Sani Shuaibu N50 million bail with one surety in like sum. Justice Adamu Bello granted the accused person who is at the centre of the pension scam bail pending the commencement of his trial under the prosecution of the Economic and Financial Crimes Commission (EFCC) for fraud.

EFCC charged Shuaibu of conspiracy to commit fraud and concealing the illicit origin of stolen pension fund worth N439 million.

Four others arraigned alongside Shuaibu by the EFCC on Monday May 7, were business concerns with which he allegedly laundered the money. They are: Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited and Riba-ile Petroleum Limited. The court also ordered his remand at the Kuje Prisons pending when he satisfied the bail conditions.

The court held that the surety who would guarantee the bail must be a responsible citizen, resident within the jurisdiction of the court and must have a property, which worth must not be less than N50 million within the FCT.

The court also ruled that the documents of the property must be verified and deposited with the registrar of the court, while the accused person's international passport should also remain in the court's custody until the final determination of the matter.

Before adjourning proceedings to July 19, for commencement of trial, Justice Bello directed that Shuaibu must write an undertaking not to harass or intimidate prosecution witnesses before or during trial. He warned that a violation of such would result in the revocation of the bail and remanding of the accused until trial was concluded.

The accused allegedly conspired with accused firms to launder illegal fund derived from the pensions department, Office of the Head of Service of the Federation of Nigeria into the account of Muha Millennium Motors Ltd. through which the pensions board chief allegedly bought Brifina Hotels Limited located at Plot 1106, Cadastral Zone, BO2 Durumi District, Area 1, Abuja at N399 million.