EFCC Arraigns Insurance Broker For Diversion Of N26bn PHCN Pension

 

Operatives of Economic and Financial Crimes Commission (EFCC) have arraigned an insurance broker identified Abiodun Waheed Hassan, alongside his firm, Bestworth Insurance Brokers Limited on a five-count charge of misappropriating over N26billion PHCN pension fund.

MuchTalksBlog learnt that the insurance broker, Hassan was arraigned by the Economic and Financial Crimes Commission (EFCC), before Justice S.C Oriji of the Federal Capital Territory High Court, Apo, Abuja.

According to report, Abiodun allegedly diverted humongous sums of money earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), into the corporate account of entities.

In one count of the charge, the insurance broker diverted N26 billion paid into the insurance firm account into another bank account on January 25, 2015. Count five of the charge alleged that Abiodun misappropriated six billion naira.

He, however, pleaded not guilty to the charges.

Justice Oriji adjourned the matter till March 4, 2021 for hearing on the bail application and remanded defendant in EFCC custody.