Monday, 28 January 2013

Abuja High Court Sentences Former Police Pension Board To 2 Years In Prison

An Abuja High Court has sentenced former Director, Police Pension Board, Yakubu Yusuf, to two years in prison for embezzlement of N 23.3bn pension fund. 

He is also to forfeit N325 million and property.

In 2011, five civil servants, including the director were charged to court following their alleged complicity in the illegal diversion of N32.8 billion from the Nigerian Police pension fund between January 2009 and June 2011.

The Task Force under the leadership of Mr. Rasheed Maina claimed to have recovered over N159 billion in properties and cash from pension fraudsters.

The report of the investigation into the alleged mismanagement of the pension fund by a Senate Committee revealed that from 2005 to 2011 government officials in charge of pension funds in the country stole N237.9 billion pension funds, through a syndicated and institutionalised corruption, fraud and embezzlement in the management of pension funds in the country.

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