N399m Scam: Ex Pension Boss Gets Bail


Embattled former Director in the Pension Office at the Office of the Head of Service of the Federation, Dr. Sani Shaibu Teidi, who is facing multiple trials alongside different accused persons, was on Wednesday granted bail in the sum of N50 million with one surety who must have a landed property in Abuja worth the bail sum.

The latest bail granted Teidi was sequel to his fresh arraignment last Monday alongside four companies on an alleged pension scam involving the sum of N399 million with which the former Director purchased Brifina Hotels located at Durumi district of the Abuja metropolis.

He was alleged to have conspired with the companies to convert resources in the aggregate sum of N399 million for the purchase of the hotel in such a manner as to conceal the illicit origin of the fund, an offence contrary to section 17 (a) of the Money Laundering (Prohibition) Act, 2004 and punishable under Section 14 (1) of the Act.

Teidi was charged alongside Badawalu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited and Riba-Ile Petroleum Limited and pleaded not guilty to the four-count charge preferred against him by the Economic and Financial Crimes Commission, EFCC.

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Before granting him bail, the presiding judge, Justice Adamu Bello, threatened that Teidi will be arrested and remanded in prison custody until the end of his trial if he harasses or threatens prosecution witnesses.

The judge also said the court will retain Teidi’s international passport which has been in its custody and subsequently adjourned the case till 19 July for trial.

—Nnamdi Felix / Abuja

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