N23b fraud: Pension director gets two years jail term, N250,000 fine option

A former head of the Police Pension Board, Yakubu Yusuf, was on Monday sentenced to two years imprisonment by an Abuja High Court for embezzling N23 billion.
Yusuf was, however, given an option of N250,000 fine in addition to forfeiting property worth N325 million.
The pension boss had pleaded guilty to the charge of embezzling N32.8 billion alongside some others involved in the management of police pension fund.
Before Monday’s sentence, the court had empowered the Economic and Financial Crimes Commission to seize the property of the accused, which were believed to be proceeds of the illegal diversion of pension funds.
Some of the houses and petrol station are located in Abuja and Kogi State.