Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), has been granted bail in the amount of ₦50 million by the Special Offences Court located in Ikeja, Lagos State.
The court has also issued a ruling that convicts and formally dissolves Sigma Golf Nigeria Limited, thereby mandating the forfeiture of all rights, titles, and interests of the company in 6,250,000,000 units of ordinary shares of Keystone Bank Limited, each valued at ₦1.00, to the Federal Government.
Justice Rahman Oshodi delivered this ruling as part of a plea bargain agreement between Sigma Golf Nigeria Limited and the Economic and Financial Crimes Commission (EFCC), following the guilty plea of the company’s Chairman, Umaru Modibbo, during his arraignment on Tuesday.
Mr. Modibbo, who is also the Founder of Sigma Pensions Nigeria Ltd, faced an amended charge alongside Mr. Kuru, with Sigma Golf Nigeria Limited being arraigned on six counts that pertained to conspiracy, theft, and the transfer of property acquired through illicit means.
The EFCC has alleged that approximately ₦20 billion in AMCON funds was misappropriated via Heritage Bank for the benefit of Sigma Golf Nigeria Limited in connection with its acquisition of Keystone Bank. While Mr. Kuru maintained his not-guilty plea, Sigma Golf, through its Chairman, acknowledged guilt.
After these 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 verifying that the agreement was entered into voluntarily and in the interest of justice, the court accepted the agreement 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 the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, was considered.
Justice Oshodi noted that the offense in question carries a potential sentence of seven years in prison, which typically qualifies for bail consideration. As no objections were raised by the Economic and Financial Crimes Commission (EFCC), the court chose to deny the defendant bail on self-recognizance.
Instead, bail was granted in the amount of ₦50 million, conditional upon the provision of two sureties who must submit an affidavit demonstrating their financial capability to the court.
The bail conditions require that the sure ties undergo a screening process and provide proof of tax payments for the preceding three years. The EFCC is tasked with informing the Nigeria Immigration Service regarding the court registrar's order to confiscate Kuru's passport.
In the interim, the court has provisionally released Ahmed Kuru to his legal representative, Olasupo Shasore (SAN), while the bail conditions are being finalized. Justice Oshodi subsequently scheduled the next court sessions for March 7th, as well as April 16th and 17th, to commence the trial.