A Lagos Special Offences Court in Ikeja on Tuesday has granted bail to former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, in the sum of N50 million with two sureties.
The court also convicted and ordered the winding up of Sigma Golf Nigeria Limited, forfeiting all its rights, title and interest in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares to the Federal Government.
Justice Rahman Oshodi delivered the judgment as part of a plea bargain agreement between Sigma Golf and the Economic and Financial Crimes Commission (EFCC).
The company, through its Chairman, Umaru Modibbo, pleaded guilty after its arraignment on Tuesday.
Modibbo, who is also the Founder of Sigma Pensions Nigeria Ltd, faced a six-count charge alongside Kuru, including conspiracy, stealing and transfer of property derived from an illegal act.
The EFCC alleged that “N20 billion in AMCON funds was diverted through Heritage Bank for the acquisition of Keystone Bank.”
While Kuru pleaded not guilty, Sigma Golf, represented by Modibbo, admitted guilt.
Following this, EFCC prosecutor Rotimi Oyedepo (SAN) urged the court to adopt the plea bargain terms as judgment.
Justice Oshodi, satisfied that the agreement was voluntary and in the interest of justice, upheld it.
Part of the judgment read, “That upon the conviction of Sigma Golf Nigeria Ltd, all its rights, title and interest in the one (1) unit of the Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo, the current Chairman of the company, shall forthwith also be forfeited to the Federal Government of Nigeria represented by the Economic and Financial Crimes Commission (EFCC).
“That in respect of the facts and circumstances of the instant case, the Complainant, the Federal Republic of Nigeria, agrees not to pursue criminal charges both now and in the future against Alhaji Umaru Hamidu Modibbo.
“That Sigma Golf Nigeria Limited and its Chairman, Alhaji Umaru Haridu Modibbo, agree to fully cooperate with the Prosecution in any ongoing or future investigations related to this matter, including providing truthful testimony as required.”
On Kuru’s bail application, the judge noted that the offence carried a seven-year jail term but was bailable.
Without objections from the EFCC, the court refused to grant bail on self-recognisance but set the conditions at N50 million with two sureties.
The sureties must provide an affidavit of means and show evidence of tax payment for the past three years.
Additionally, the EFCC was directed to inform the Nigeria Immigration Service about Kuru’s passport seizure.
Pending the fulfillment of bail conditions, Kuru was temporarily released to his lawyer, Olasupo Shasore (SAN).
The case was adjourned to March 7, April 16 and April 17 for trial.
