By Ayomide Otitoju
The Special Offences Court sitting 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 N50 million with two sureties.
The court, presided over by Justice Rahman Oshodi, also convicted and wound up Sigma Golf Nigeria Limited, ordering the forfeiture of all its rights, title, and interest in 6.25 billion units of Keystone Bank Limited’s ordinary shares to the Federal Government.
The ruling formed part of a plea bargain agreement between Sigma Golf and the Economic and Financial Crimes Commission (EFCC), following the company’s guilty plea through its Chairman, Umaru Modibbo, after his arraignment in court.
Conviction and Forfeiture
Modibbo, the Founder of Sigma Pensions Nigeria Ltd, was arraigned alongside Kuru on a six-count charge bordering on conspiracy, stealing, and the transfer of property derived from an illegal act. The EFCC alleged that AMCON funds amounting to N20 billion were funneled through Heritage Bank to finance Sigma Golf’s acquisition of Keystone Bank.
While Kuru pleaded not guilty, Sigma Golf admitted guilt through its Chairman. The EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), urged the court to adopt the plea bargain terms as its judgment.
After confirming that the agreement was voluntary and in the interest of justice, the court upheld it, ordering that:
Sigma Golf Nigeria Ltd forfeits all its rights, title, and interest in one unit of Keystone Bank’s ordinary shares allotted to Modibbo.
The Federal Government, represented by the EFCC, would not pursue criminal charges against Modibbo in connection with the case.
Sigma Golf Nigeria Ltd and its Chairman must cooperate with future investigations, including providing truthful testimony as required.
Bail for Kuru
Following the conviction of Sigma Golf, the court considered the bail application of Kuru. Justice Oshodi noted that the offence, which carries a seven-year jail term, was bailable.
With no objections from the EFCC, the judge granted Kuru bail in the sum of N50 million with two sureties, who must swear an affidavit of means before the court. The sureties must also provide proof of tax payments for the last three years.
Additionally, the EFCC was directed to notify the Nigeria Immigration Service of the seizure of Kuru’s passport. Pending the fulfillment of his bail conditions, Kuru was temporarily released to his lawyer, Olasupo Shasore (SAN).
Justice Oshodi adjourned the case to March 7 and April 16 & 17 for the commencement of trial.
