Justice Ramon Oshodi of the Lagos State Special Offences Court in Ikeja yesterday ordered the forfeiture of 6.3 billion units of Keystone Bank Limited shares, valued at N1.00 each, to the Federal Government of Nigeria.
This ruling followed the guilty plea of Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, for the fraudulent conversion of N20 billion in funds belonging to the Asset Management Corporation of Nigeria (AMCON).
Sigma Golf Nigeria Limited was arraigned alongside Ahmed Kuru, former Managing Director of AMCON, who pleaded not guilty to the charges. Both defendants entered into a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC), led by Chairman Olanipekun Olukoyede.
The EFCC filed a six-count amended charge, accusing the defendants of diverting AMCON funds through Heritage Bank to facilitate Sigma Golf Nigeria Limited’s acquisition of Keystone Bank. The charges also included the illicit transfer of an additional N20 billion, intended to conceal its source, in violation of the Criminal Law of Lagos 2011.
During the proceedings, EFCC Counsel Rotimi Oyedepo (SAN) informed the court that Sigma Golf Nigeria Limited had agreed to resolve the matter amicably, as part of the plea bargain. As part of the agreement, Sigma Golf Nigeria Limited will forfeit 6,250,000,000 units of Keystone Bank shares to the Federal Government and one unit allocated to Modibbo. The EFCC also agreed not to pursue criminal charges against Modibbo in the future.
Both the company and its legal representative, David Idemu, confirmed the voluntary nature of the agreement. Kuru’s lawyer, Olasupo Shasore, did not oppose the arrangement.
In light of the plea deal, Justice Oshodi convicted Sigma Golf Nigeria Limited, adopting the terms of the agreement. The court also granted Kuru bail in the amount of N50 million, with two sureties, and ordered the EFCC to notify the Nigerian Immigration Service to seize Kuru’s passport.
The trial is set to resume on March 7, after Kuru’s bail conditions are met.
