The Abuja Division of the Federal High Court on Monday sentenced a former Nigerian pension management official, Abdulrasheed Maina to 61 years in jail after finding him guilty of money laundering and racketeering.
However, Maina will spend only eight years in prison as the sentences are stipulated to run concurrently.
The presiding judge, Justice Okon Abang said Maina bribed bankers at Fidelity Bank to compromise due diligence in handling heavy transactions.
He was also found guilty of illegally depositing up to N2.3 billion in three instalments in violation of extant money laundering regulations.
The judgement marks a major victory for the anti-graft EFCC, whose officials have spent eight years chasing the case.
Maina’s son was convicted recently on a similar set of charges.