A Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited to the Federal Government of Nigeria (FGN) following a plea bargain agreement between the Economic and Financial Crimes Commission (EFCC) and Sigma Golf Nigeria Limited.
Justice Rahman Oshodi delivered the ruling on Tuesday 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).
The company, which was arraigned alongside former AMCON Managing Director Ahmed Kuru, admitted to wrongdoing following negotiations with the EFCC.
However, Kuru, the first defendant, pleaded not guilty to the charges.
EFCC’s Case Against Defendants
The EFCC, led by Senior Advocate of Nigeria (SAN) Rotimi Oyedepo, filed a six-count amended charge against the defendants, accusing them of illegally diverting AMCON funds through Heritage Bank to acquire Keystone Bank.
According to the anti-graft agency, another N20 billion, derived from theft, was transferred with the intent to conceal its source, a violation of Section 332(1) of the Criminal Law of Lagos 2011, punishable under Section 332(3) of the same law.
During the proceedings, Oyedepo told the court that the plea bargain agreement was by legal principles, justice, and public policy.
Plea Bargain and Forfeiture
As part of the agreement, Sigma Golf Nigeria Limited agreed to plead guilty to all six charges and be officially wound up by the court.
“The terms of the agreement include 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, represented by the EFCC,” Oyedepo stated.
Additionally, one unit of ordinary shares allocated to Modibbo, the company’s chairman, would also be forfeited.
Oyedepo further disclosed that under the agreement, the EFCC would not pursue criminal charges against Modibbo now or in the future.
Justice Oshodi confirmed that Sigma Golf Nigeria Limited and its legal representative, David Idemu, voluntarily entered into the plea bargain agreement without coercion.
Kuru’s lawyer, Olasupo Shasore (SAN), did not oppose the agreement.
After reviewing the submissions, Justice Oshodi convicted Sigma Golf Nigeria Limited and upheld the terms of the plea bargain agreement, including the forfeiture of the Keystone Bank shares.
Bail for Former AMCON Boss
Meanwhile, the court granted Ahmed Kuru bail in the sum of N50 million, with two sureties required to swear to an affidavit of means.
The sureties must also provide evidence of tax payments for the past three years.
Justice Oshodi further directed the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport by the court registrar.
Until his bail conditions are met, Kuru was temporarily released to his lawyer.
The case was adjourned to March 7 for the commencement of trial.
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