A Federal High Court in Abuja has sentenced Abdulrasheed Maina, the former chairman of the now-defunct Pension Reformed Task Team to eight years imprisonment. Maina was sentenced after he was found guilty of money laundering.

In a judgement delivered on Monday by Justice Okon Abang, the court held that the prosecutor, the Economic and Financial Crimes Commission (EFCC) had produced essential evidence through witnesses to prove beyond reasonable doubt that Maina was guilty of money laundering to the tune of N171,099,000.

Maina was also found guilty of concealing his true identity as a signatory to accounts opened in two banks namely UBA and Fidelity banks by using the identity of his family members without their knowledge.                                                                                       These accounts had cash deposits of N300million, N500million, and N1.5billion.

The court held that Maina stole monies meant for pensioners as he could not prove where he got them from.

The court also found Maina guilty for purchasing a property in Abuja in the sum of $1.4million, which is above the statutory threshold of N5million. without passing through a financial institution. The court described that transaction as a criminal offense.