A Lagos Special Offences Court in Ikeja on Tuesday granted bail to the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, setting the amount at N50 million with two sureties.
Meanwhile, the court convicted Sigma Golf Nigeria Limited, ordering its dissolution and the forfeiture of its rights, title, and interest in 6.25 billion units of Keystone Bank Limited’s ordinary shares to the Federal Government.
Justice Rahman Oshodi delivered the judgment as part of a plea bargain agreement between the Economic and Financial Crimes Commission (EFCC) and Sigma Golf Nigeria Limited.
The company, represented by its Chairman, Umaru Modibbo, pleaded guilty after its arraignment.
Modibbo, the Founder of Sigma Pensions Nigeria Ltd, appeared alongside Kuru following an amended six-count charge filed by the EFCC.
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The charges included conspiracy, stealing, and the unlawful transfer of assets.
According to the EFCC, N20 billion in AMCON funds was funneled through Heritage Bank to Sigma Golf Nigeria Ltd for the acquisition of Keystone Bank.
While Kuru maintained his innocence, Sigma Golf, through Modibbo, admitted guilt.
Lead EFCC prosecutor, Rotimi Oyedepo, then urged the court to adopt the plea bargain agreement as its judgment.
After confirming the agreement was reached voluntarily and aligned with the interest of justice, the court upheld its terms and delivered the ruling accordingly.
Part of the 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 judgment, the court proceeded to hear the bail application of former AMCON Managing Director, Kuru.
Justice Oshodi acknowledged that the alleged offence, which carries a seven-year prison sentence, is typically bailable.
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With no opposition from the EFCC, the court refused to grant Kuru bail on self-recognizance but approved his release on bail set at N50 million.
He is required to provide two sureties who must submit an affidavit of means before the court.
As part of the bail conditions, the sureties will undergo screening and must present evidence of tax payment for the past three years.
Additionally, the EFCC has been directed to inform the Nigeria Immigration Service that Kuru’s passport has been seized by the court registrar.
Meanwhile, the court temporarily placed Kuru in the custody of his lawyer, Olasupo Shasore, pending the fulfillment of his bail requirements.
Justice Oshodi adjourned the case to March 7, as well as April 16 and 17, for the commencement of trial.
