The former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, is scheduled to be arraigned on 11 February 2025 on fresh charges of fraudulently converting ₦20 billion of AMCON funds.
The six-count charge, filed by the Economic and Financial Crimes Commission (EFCC), alleges that the funds were channelled through Heritage Bank to benefit Sigma Golf Nigeria Ltd for acquiring Keystone Bank.
Kuru, along with co-defendants Umaru Hamidu Modibbo, Chairman of Keystone Bank, and Sigma Golf Nigeria Ltd, will appear before Justice Rahman Oshodi at the Lagos High Court in Ikeja. Another individual named in the charges, Ifie Sekibo, is reportedly at large.
Legal Representation and Arrest Warrant
Kuru’s legal counsel, Olasupo Shasore (SAN), has written to the EFCC Chairman, Ola Olukoyede, requesting the suspension of a bench warrant issued after Kuru failed to attend his arraignment on 3 December 2024.
Shasore assured that Kuru would appear on the adjourned date of 20 January 2025 before Justice Mojisola Dada to face a separate six-count charge of abuse of office, involving the alleged theft of ₦76 billion linked to Arik Air properties.
Details of the Charges
The fresh charges allege that in 2016, Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd conspired to dishonestly convert ₦20 billion belonging to AMCON through Heritage Bank for the acquisition of Keystone Bank.
Count 1: The conspiracy to steal is said to contravene Section 411 and is punishable under Section 280 of the Lagos State Criminal Law 2015.
Count 2: The dishonest conversion of ₦20 billion is contrary to Section 280 and punishable under Section 287 of the Lagos State Criminal Law 2011.
Counts 3 & 4: The defendants allegedly transferred ₦10 billion on two occasions, on 17 November and 23 November 2016, to conceal the illegal origin of the funds and evade legal consequences. These acts contravene Section 332(1) and are punishable under Section 332(3) of the Lagos State Criminal Law 2011.
Counts 5 & 6: On the same dates, the defendants allegedly converted ₦10 billion each to Sigma Golf Nigeria Ltd for the acquisition of Keystone Bank, further violating the Lagos State Criminal Law.
Prosecution Team
The charge, dated 24 October 2024, was signed by Rotimi Oyedepo (SAN), leading Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six other legal practitioners.