Justice Rahman Oshodi of a Lagos Special Offences Court, Ikeja has ordered forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
The judge ordered after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
The company, which was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, was after entering a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
However, Kuru, the first defendant in the case, pleaded not guilty to the charges when they were arraigned.
The anti-graft commission had filed a six-count amended charge against them, alleged that the AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited to facilitate the acquisition of Keystone Bank.
However, the commission also alleged the defendants, along with Ifie Sekibo, a former Managing Director of the defunct Heritage Bank (who is currently at large), of dishonestly converting a total of N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Limited.
Also, EFCC alleged the defendants of transferring another N20 billion, derived from theft, with the intent to conceal its source, in violation of Section 332(1) of the Criminal Law of Lagos 2011, which is punishable under Section 332(3) of the same law.
When the case was called, the EFCC counsel, Rotimi Oyedepo (SAN) told the court that the Commission and Sigma Golf Nigeria Limited had agreed to resolve the matter amicably and following legal principles, justice, and public policy.
Oyedepo said that the terms of the plea bargain agreement included Sigma Golf Nigeria Limited pleading guilty to all six court charges and being wound up by the court.
He also informed the court that the court would order the forfeiture of all rights, titles, and interests in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares to the Federal Government of Nigeria, represented by the EFCC.
Additionally, the court would order the forfeiture of one unit of ordinary shares allocated to Alhaji Umaru Hamidu Modibbo, the company’s current chairman.
EFCC counsel further said that the complainant agrees not to pursue criminal charges now or in the future against Alhaji Umaru Hamidu Modibbo.
His position was confirmed by the court from the defendant and his counsel, Mr David Idemu, who confirmed that the plea bargain agreement was entered into voluntarily and without coercion.
Meanwhile, Mr. Olasupo Shasore (SAN), counsel representing Kuru did not oppose the agreement.
Justice Oshodi therefore convicted Sigma Golf Nigeria Limited and adopted the terms of the plea bargain agreement.
During the proceedings, the judge also admitted Kuru bail in the sum of N50 million with two sureties, who must swear to an affidavit of means before the court.
The court also ordered the sureties to provide evidence of tax payment for the last three years.
Justice Oshodi ordered the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport by the court registrar. He subsequently adjourned the case to March 7,2025 for the commencement of the trial.
The judge therefore temporarily released Kuru to his lawyer pending perfection of his bail.