Justice Ramon Oshodi of the Special Offences Court, Ikeja, Lagos, has ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
The ruling followed Sigma Golf Nigeria Limited’s guilty plea to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON). The company, represented by its Chairman, Umaru Hamidu Modibbo, admitted to the charges after entering a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
Sigma Golf Nigeria Limited was arraigned alongside former AMCON Managing Director, Ahmed Kuru, who, however, pleaded not guilty.
The EFCC, in a six-count amended charge, alleged that the defendants diverted AMCON funds through Heritage Bank to facilitate the acquisition of Keystone Bank. The anti-graft agency also accused former Heritage Bank Managing Director Ifie Sekibo, who is currently at large, of collaborating in the fraudulent conversion of N20 billion of AMCON’s property. Additionally, the defendants were charged with transferring another N20 billion, allegedly derived from theft, with the intent to conceal its source—an offense under Section 332(1) of the Criminal Law of Lagos State, 2011.
During the proceedings, EFCC counsel Rotimi Oyedepo (SAN) informed the court that the Commission and Sigma Golf Nigeria Limited had reached a plea bargain agreement in line with legal principles and public interest. The agreement required Sigma Golf to plead guilty to all six charges and be wound up by the court.
As part of the deal, all rights, titles, and interests in 6,250,000,000 units of Keystone Bank’s ordinary shares were forfeited to the Federal Government, along with one unit of ordinary shares allocated to Modibbo. Oyedepo further stated that the EFCC agreed not to pursue criminal charges against Modibbo.
Sigma Golf’s legal representative, David Idemu, confirmed that the agreement was entered voluntarily, while Kuru’s lawyer, Olasupo Shasore (SAN), did not oppose it. Consequently, Justice Oshodi convicted Sigma Golf Nigeria Limited and adopted the plea bargain terms.
Additionally, the judge granted Kuru bail in the sum of N50 million with two sureties who must provide affidavits of means and proof of tax payment for the last three years. The court also ordered the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport.
Before adjourning the case to March 7 for trial commencement, Justice Oshodi temporarily released Kuru to his lawyer pending the fulfillment of his bail conditions.
