The Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the federal government.
The ruling, delivered by trial judge Rahman Oshodi was part of a plea bargain agreement between the Economic and Financial Crimes Commission (EFCC) and Sigma Golf Nigeria Limited, following the company’s guilty plea through its chairman, Umaru Modibbo.
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The court also convicted and wound up Sigma Golf Nigeria Limited, forfeiting its 6.25 billion units of Keystone Bank shares to the federal government.
Mr Modibbo, the founder of Sigma Pensions Nigeria Ltd, was arraigned alongside former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru on counts of conspiracy, stealing, and illegal property transfer.
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EFCC said in a statement by its spokesperson, Dele Oyewale, on Tuesday, that N20 billion in AMCON funds was illicitly channelled through Heritage Bank to finance Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.
While Mr Kuru pleaded not guilty, Sigma Golf Nigeria Ltd admitted guilt, leading to the company’s conviction and liquidation.
Following the guilty plea, EFCC’s lead prosecutor, Rotimi Oyedepo, who is a Senior Advocate of Nigeria (SAN), urged the court to adopt the plea bargain terms as judgement.
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Mr Oshodi, who was satisfied that the agreement was voluntary and served justice, upheld it.
Bail
In another development, the court then considered Mr Kuru’s bail application, noting that the offence carries a seven-year jail term but is bailable.
Mr Kuru’s lawyer, Olasupo Shasore, also a SAN, applied for bail, arguing that his client should be granted bail on self-recognition.
The EFCC did not oppose the request but insisted on stringent conditions to ensure Mr Kuru’s court attendance.
Mr Oshodi granted him bail in the sum of N50 million with two sureties who must be gainfully employed, swear to an affidavit of means, and show evidence of tax payment for the last three years.
The judge also ordered the EFCC to notify the Nigeria Immigration Service of Mr Kuru’s travel restrictions and temporarily released him to his lawyer pending the perfection of his bail conditions.
The case was adjourned till 7 March, 16 and 17 April for continuation of trial.
Background
Mr Kuru has been under EFCC investigation for alleged financial crimes.
In December, the Ikeja Special Offences Court issued an arrest warrant after he failed to appear for trial in a separate case involving the alleged fraudulent conversion of N76 billion and $31.5 million belonging to Arik Air.
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A fresh six-count charge filed by the EFCC alleges that Mr Kuru and his co-defendants—Modibbo, Sigma Golf Nigeria Ltd, and the fugitive Ifie Sekibo—conspired to steal N20 billion from AMCON for the acquisition of Keystone Bank.
The charges, signed by EFCC prosecutors Messrs Oyedepo, Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others, include stealing N20 billion allegedly diverted through Heritage Bank.
The indictment also alleged Illegal transfer of N10 billion to conceal its source, and fraudulently acquiring Keystone Bank with public funds.
He was charged with conspiracy to steal and money laundering under Sections 411, 280, and 287 of Lagos State’s Criminal Law (2011 & 2015).
If convicted, Mr Kuru faces up to seven years in prison under Lagos State’s criminal laws.
He pleaded not guilty to all the charges.
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