Court Remands Sani Teidi Shuaibu In Prison Over N439m Pension Fraud

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A Federal High Court sitting in Abuja presided over by Justice Adamu Bello on Monday May 7th , 2012 remanded Sani Teidi Shuaibu in Kuje prison over a Four Hundred and thirty nine million (N439 million) pension fraud. He was arraigned over charges of fraud, conspiracy to commit fraud and concealing the illicit origin of stolen pension funds by the Economic and Financial Crimes Commission, EFCC. Four others arraigned together with him were business concerns with which Shuaibu laundered the money. They are: Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited and Riba-ile Petroleum Limited.

Dr. Shuaibu is alleged to have conspired with Badawulu Ventures Ltd, Ebunu Attah Investment, and Riba-lle Petroleum Ltd to launder illegal funds derived directly from the pensions department, Office of the Head of Service of the Federation of Nigeria into the account of Muha Millennium Motors Limited through which the principal accused person (Dr Sani Teidi Shuaibu) purchased Brifina Hotels Limited located at Plot 1106, Cadastral Zone, BO2 Durumi District, Area 1, Abuja, at the sum of N399 million (Three hundred and ninety nine million naira).

After reading the four count charge, counsel to the accused, S.I Ameh SAN, then applied for bail for his clients, which was opposed by prosecution counsel, Godwin Obla. Obla however told the court that he strongly opposed bail for Shuaibu because he has a history of interfering with investigations and harassing potential witnesses in related cases before the same court. Justice Adamu Bello then adjourned the matter to Wednesday May 9th , 2012 for ruling on the bail application, and ordered that the accused person be remanded in Kuje prison.

One of the count charge reads: "That you, Dr. Sani Teidi Shuaibu, former Director, Pension Accounts, office of the Head of service of the Federation of Nigeria, Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors limited and Riba-lle Petroleum Limited at various times in April 2009 within the jurisdiction of this honourable court, conspired among yourselves to convert resources in the aggregate sum of Three hundred and ninety Nine Million (N399, 000, 000.00) only derived directly from an illegal act at the Pensions Department Office of the Head of Service of the Federation of Nigeria to purchase Brifina Hotels Limited, Plot 1106 cadastral zone BO2 Durumi District Area Abuja, Certificate of Occupancy No: 1807w-1cc4z-6723r-cf4eu-20, property of A.E Bright Future Motors Nig. Limited with the aim of concealing the illicit origin of the resources, and thereby committed an offence contrary to Section 17 (a) of the Money Laundering (Prohibition) Act, 2004 and punishable under Section 14 (1) (b) of the Money Laundering (Prohibition) Act, 2004.

EFCC Media & Publicity Unit
7th May, 2012.

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Update: N439 Million Pension Fraud: COURT GRANTS SHUAIBU N50M BAIL

Justice Adamu Bello of the Federal High Court, sitting in Abuja, on Wednesday May 9, 2012, granted a N50 Million bail with one surety in like sum, to Dr. Sani Teidi Shuaibu who is being prosecuted by the Economic and Financial Crimes Commission EFCC for fraud, conspiracy to commit fraud and concealing the illicit origin of stolen Pension Funds to the tune of N439 Million.

Four other companies arraigned alongside Shuaibu by the EFCC on Monday May 7, 2012, were business concerns with which Shuaibu laundered the money. They are: Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited and Riba-ile Petroleum Limited. Shuaibu was remanded in Kuje prison.

While ruling on the bail application at the resumed hearing, the court said that the surety must be a responsible citizen of Nigeria, resident within the judicial division of the court and must have a property which worth must not be less than fifty million naira, N50 million, also within the judicial division of the court.

The judge further said that the title documents of the property must also be verified and deposited with the registrar of the court, while the accused's international passport is also to remain in the court's custody until the final determination of the case.

Before adjourning proceedings to July 19, 2012, for commencement of trial, Justice Bello directed that Shuaibu must write a written undertaking not to harass or intimidate prosecution witnesses before or during trial. He warned that a violation of such will result in the revocation of the bail and remanding of the accused until trial is concluded. Dr. Shuaibu is alleged to have conspired with Badawulu Ventures Ltd, Ebunu Attah Investment, and Riba-lle Petroleum Ltd to launder illegal funds derived directly 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 principal accused (Dr Sani Teidi Shuaibu) purchased Brifina Hotels Limited located at Plot 1106 Cadastral Zone BO2 Durumi District, Area 1 Abuja at the sum of N399 Million (Three hundred and ninety nine million naira).

EFCC Media & Publicity Unit
9th May, 2012.