EFCC arraign insurance broker for diverting N26billion PHCN pension

Abiodun Waheed Hassan, an insurance broker, alongside his firm, Bestworth Insurance Brokers Limited was arraigned on Thursday, February 25, on a five-count charge of misappropriating over N26billion pension fund.

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.

Abiodun allegedly diverted into private accounts the money meant for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of the defunct Power Holding Company of Nigeria (PHCN).


The insurance broker in count one of the charge 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.