The Special Offences Court in Ikeja, Lagos, on Tuesday granted bail to former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, in the sum of ₦50 million with two sureties.
The court also convicted and ordered the winding up of Sigma Golf Nigeria Limited, mandating the forfeiture of all rights, titles, and interests in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares (₦1.00 each) to the Federal Government.
Justice Rahman Oshodi delivered the ruling as part of a plea bargain agreement between Sigma Golf Nigeria Ltd and the Economic and Financial Crimes Commission (EFCC). The company, represented by its Chairman, Umaru Modibbo, pleaded guilty during its arraignment.
Modibbo, who is also the Founder of Sigma Pensions Nigeria Ltd, faced charges alongside Kuru, including conspiracy, theft, and transfer of property derived from illegal activities.
The EFCC alleged that ₦20 billion in AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Ltd to acquire Keystone Bank.
While Ahmed Kuru pleaded not guilty to the charges, Sigma Golf, through Modibbo, admitted guilt.
The EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), presented a plea bargain agreement to the court and requested its adoption as the court’s judgment.
After confirming the agreement’s voluntary nature and its alignment with the interest of justice, the court adopted it as its ruling.
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.”
After this judgment, the court listened to the bail application of the former AMCON MD, Ahmed Kuru.
Justice Oshodi noted that the offence which carries a seven-year jail term was ordinarily bailable. With no objections from the EFCC, the court declined to admit the defendant to bail on self-recognizance but admitted him to bail in the sum of N50m with 2 sureties who shall swear to an affidavit of means before the court.
Part of the bail conditions also includes that the sureties shall be screened and shall produce evidence of payment of tax in the last three years.
The EFCC is to notify the Nigeria Immigration Service of the seizure of Kuru’s passport by the registrar of the court
In the meantime, the court has temporarily released Ahmed Kuru to his lawyer Olasupo Shasore (SAN) pending the perfection of his bail conditions.
Justice Oshodi then adjourned till March 7th and April 16 & 17th for commencement of trial.