Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), has been granted a ₦50 million bail by the Special Offences Court in Ikeja, Lagos State.
The court also convicted and dissolved Sigma Golf Nigeria Limited, ordering the forfeiture of all rights, titles, and interests of the company in 6,250,000,000 units of ordinary shares of Keystone Bank Limited, valued at ₦1.00 each, to the Federal Government.
Justice Rahman Oshodi delivered this ruling as part of a plea bargain agreement between the company and the Economic and Financial Crimes Commission (EFCC) following the guilty plea of the company’s Chairman, Umaru Modibbo, during his arraignment on Tuesday.
Modibbo, who is also the Founder of Sigma Pensions Nigeria Ltd, faced an amended charge alongside Kuru, with Sigma Golf Nigeria Ltd being arraigned on six counts related to conspiracy, theft, and the transfer of property obtained through illegal means.
The EFCC alleged that approximately ₦20 billion in AMCON funds was misappropriated via Heritage Bank for the benefit of Sigma Golf Nigeria Ltd in its acquisition of Keystone Bank.
While Kuru maintained his not-guilty plea, Sigma Golf, through its Chairman, admitted guilt.
Following the pleas, the EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), informed the court of a plea bargain agreement reached with the company and requested that the court endorse the terms as its judgment.
After ensuring that the agreement was made voluntarily and in the interest of justice, the court accepted it as its ruling.
The court 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.”
Following the court’s ruling, the bail application of former AMCON Managing Director, Ahmed Kuru, was heard.
Justice Oshodi remarked that the offence, which carries a potential seven-year prison sentence, is typically eligible for bail. With no objections raised by the EFCC, the court opted not to grant the defendant bail on self-recognizance.
Instead, he was granted bail set at ₦50 million, contingent upon providing two sureties who must submit an affidavit of means to the court.
The bail conditions stipulate that the sureties must undergo screening and provide proof of tax payments for the past three years.
The EFCC is responsible for notifying the Nigeria Immigration Service about the court registrar’s confiscation of Kuru’s passport.
In the interim, the court has provisionally released Ahmed Kuru to his attorney, Olasupo Shasore (SAN), while the bail conditions are being finalized.
Justice Oshodi subsequently scheduled the next court dates for March 7th and April 16th & 17th to initiate the trial.
