N5bn Pension Scam: Former Director Begs Court To Reduce Bail Bond To N100m

Dr. Sani Teidi

Former Director of Pension Accounts in the Office of the Head of Civil Service of the Federation, OHCSF, Dr. Sani Teidi Shaibu, yesterday filed an application before the Abuja Division of the Federal High Court, seeking a variation of his bail conditions.

The court had on July 12 been granted Teidi bail after he had spent thirty-nine days in detention.

The court had ordered him to deposit the sum of N500 million as well as produce two sureties in like sum.

Trial Justice Ademola Adeniyi had in his ruling, maintained that the sureties must be owners of landed property within the jurisdiction of the court, adding that the title deeds of the property be kept with the deputy chief registrar of the court.

The court equally directed that the accused persons should deposit their travelling documents.

However, four months after, the accused persons are yet to regain their freedom, saying it has been difficult for them to secure a surety capable of fulfilling the bail terms.

Teidi was alleged to have connived with a former manager with the defunct Oceanic Bank Plc, Mr. Udusegbe Omoefe Eric, and diverted about N5 billion meant for pensioners across the federation. He is praying the court to grant him bail at N100 million in order for him to be released from Kuje Maximum Prison.

Teidi and Omoefe Eric are answering to a 22-count criminal charge that was preferred against them by the Economic and Financial Crimes Commission, EFCC.

EFCC alleged that the accused persons used nine companies and siphoned pension funds.

It gave names of the companies accused of complicity in the scam as Gozinda Enterprises, Bashinta Nig. Ltd, Haleath Enterprises, Uthatak Nigeria Ltd, Krasiva Nig. Ltd, Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Ltd and Ribaile Petroleum Ltd.

The accused persons, through their lawyers, Mr. S.I Ameh, SAN, and Mr. Adewale Adewoke, respectively, therefore, yesterday, urged the court to have pity on them and okay their release.

Teidi is begging the court to reduce his bail bond to N100 million, but his co-accused, Eric, told the court that he could only afford N10 million and one surety in like sum.