The federal government has been ordered to give up 6.3 billion units of ordinary shares in Keystone Bank Limited, each worth N1, by the Lagos State Special Offences Court in Ikeja.
Trial judge Rahman Oshodi’s decision was a component of a plea deal reached between Sigma Golf Nigeria Limited and the Economic and Financial Crimes Commission (EFCC) after the company entered a guilty plea through chairman Umaru Modibbo. Additionally, Sigma Golf Nigeria Limited was found guilty and wound up by the court, giving the federal government its 6.25 billion shares of Keystone Bank.
Alongside former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, Mr. Modibbo, the creator of Sigma Pensions Nigeria Ltd., was charged with conspiracy, theft, and unlawful property transfer.
According to a statement available to BrandSpur Nigeria news desk, released by the EFCC on Tuesday by its spokesperson, Dele Oyewale, N20 billion in AMCON money was illegally transferred through Heritage Bank to finance Sigma Golf Nigeria Ltd.’s purchase of Keystone Bank. Sigma Golf Nigeria Ltd. admitted guilt, although Mr Kuru’s not-guilty plea resulted in the conviction and liquidation of the business.
Rotimi Oyedepo, a Senior Advocate of Nigeria (SAN) and the main prosecutor for the EFCC, urged the court to accept the plea bargain terms as judgement after the guilty plea. Mr. Oshodi maintained the arrangement because he was convinced it was voluntary and served justice.
In a further development, the court took into account Mr Kuru’s bail request, pointing out that although the offence carries a seven-year prison sentence, it is subject to bail. In his bail application, Mr Kuru’s attorney, Olasupo Shasore, a SAN as well, contended that his client ought to be released on self-recognition. The EFCC insisted on strict requirements to guarantee Mr Kuru’s court attendance, but they did not object to the proposal.
In exchange for two sureties who must be gainfully employed, swear to an affidavit of means, and provide proof of tax payments for the previous three years, Mr Oshodi granted him bail in the amount of N50 million.
Along with temporarily releasing Mr Kuru to his attorney until his bail requirements were finalised, the judge also directed the EFCC to inform the Nigeria Immigration Service of his travel limits. To continue the trial, the matter was postponed until March 7, April 16, and April 17.
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The EFCC has been looking into Mr Kuru for possible financial offences. After he did not show up for trial in a different case concerning the purported fraudulent conversion of N76 billion and $31.5 million belonging to Arik Air, the Ikeja Special Offences Court issued an arrest order in December.
Mr. Kuru and his co-defendants, Modibbo, Sigma Golf Nigeria Ltd., and the wanted Ifie Sekibo, allegedly plotted to steal N20 billion from AMCON to purchase Keystone Bank, according to a new six-count allegation EFCC filed.
EFCC prosecutors Messrs. Oyedepo, Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six other individuals signed the accusations, which include stealing N20 billion that was purportedly diverted through Heritage Bank.
The indictment further claimed that N10 billion was transferred illegally to hide its source and that Keystone Bank was fraudulently acquired using state monies. He was accused of money laundering and conspiracy to steal following Sections 411, 280, and 287 of the Lagos State Criminal Law (2011 & 2015).
According to Lagos State’s criminal legislation, Mr Kuru may spend up to seven years behind bars if found guilty. He entered a not-guilty plea to every accusation.
