EFCC’s Trial: Insurance Broker Involved In N26b PHCN Benefit Scam Granted N300m Bail

A High Court in Apo, near the Federal Capital Territory, Abuja, has granted bail to Abiodun Waheed Hassan and his company, Bestworth Insurance Brokers Limited allegedly involved in a N26 billion PHCN insurance benefit scam.

BIGPENNGR understands Hassan and his company are being prosecuted by Economic and Financial Crimes Commission, (EFCC), on a five count charge of criminal breach of trust in relation to the payment of Twenty-six Billion Naira (N26bn) outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria, PHCN.

Counsel for the defendants had in a motion filed before the Court, urged the court to admit the first defendant to bail on liberal terms pending the determination of the charges instituted against him.

But prosecution counsel, Benjamin Manji, prayed the court to refuse bail. He argued that the offence for which the defendant is charge, has become pervasive among public officers, and was giving the country a bad image.

Justice S.C. Oriji however granted bail to the first defendant in the sum of N300,000,000 and three sureties, one of whom must be a permanent secretary, another a director and the third, a responsible Nigerian living in Abuja.

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At the resumed hearing on on Thursday, May 4, 202, the judge adjourned the matter till May 10, 12 and 13, 2021, for trial.