- Forfeits Multibillionaira Keystone Bank Shares to FG
By Abiola Olawale
The Special Offences Court, located in Ikeja, Lagos State, on Tuesday granted bail to Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON).
The presiding judge, Justice Rahman Oshodi, gave this ruling during court proceedings on Tuesday. The judge ruled that the bail was set at N50 million, contingent upon the provision of two sureties.
Part of the bail conditions also includes that the sureties shall be screened and shall produce evidence of payment of tax in the last three years.
Justice Oshodi also directed the EFCC to notify the Nigeria Immigration Service (NIS) of the seizure of Kuru’s passport by the registrar of the court
Also, Justice Oshodi has convicted and wound up a company, Sigma Golf Nigeria Limited and ordered the forfeiture to the Federal Government of all rights, title and interest of the company in Six Billion, Two Hundred and Fifty Million (6,250,000,000) units of Keystone Bank Limited’s ordinary shares of 1.00 each.
The ruling came after the EFCC, through its lead prosecutor, Rotimi Oyedepo (SAN), informed the court that it had reached a plea bargain agreement with the company.
Sigma Golf Nigeria Limited owned by Umaru Modibbo, had pleaded guilty to a six-count charge filed against them alongside the former AMCON boss.
The EFCC said AMCON funds to the tune of N20bn were converted through Heritage Bank to the use of a company, Sigma Golf Nigeria Ltd for the acquisition of Keystone Bank.
Following arguments from the EFCC’s lead counsel that the agreement was voluntary and done in the interest of justice, the court adopted it as its judgment.
The judgement reads in part: “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.”
