Court Orders Forfeiture of Keystone Bank Shares Worth N6.3 Billion in AMCON Funds Scam
Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
This order followed Sigma Golf Nigeria Limited’s guilty plea to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
The company was represented by its Chairman, Umaru Hamidu Modibbo.
Sigma Golf Nigeria Limited was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, who pleaded not guilty to the charges.
The Economic and Financial Crimes Commission (EFCC) filed a six-count amended charge, alleging that AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited to facilitate the acquisition of Keystone Bank.
The EFCC also accused the defendants, including Ifie Sekibo, the former Managing Director of the now-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. Furthermore, they were accused of transferring another N20 billion, derived from theft, with the intent to conceal its source, violating Section 332(1) of the Criminal Law of Lagos 2011, which is punishable under Section 332(3) of the same law.
During the proceedings, EFCC Counsel Rotimi Oyedepo (SAN) informed the judge that the Commission and Sigma Golf Nigeria Limited had mutually agreed to resolve the matter in accordance with legal principles, justice, and public policy.
Oyedepo stated that the terms of the plea bargain included Sigma Golf Nigeria Limited pleading guilty to all six charges and agreeing to be wound up by the court.
He further noted 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 ordinary share allocated to Alhaji Umaru Hamidu Modibbo, the company’s chairman. Oyedepo disclosed that “the complainant agrees not to pursue any criminal charges now or in the future against Alhaji Umaru Hamidu Modibbo.”
Both Sigma Golf Nigeria Limited and its legal representative, David Idemu, confirmed that the plea bargain agreement was entered into voluntarily and without coercion. Similarly, Kuru’s lawyer, Olasupo Shasore, did not oppose the agreement.
In light of these developments, Justice Oshodi convicted Sigma Golf Nigeria Limited and adopted the terms of the plea bargain.
During the proceedings, the judge granted Kuru bail in the sum of N50 million, with two sureties required to swear to an affidavit of means before the court. The sureties must also provide evidence of tax payments for the last three years.
The court ordered the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport by the court registrar.
Before adjourning the case to March 7 for the commencement of the trial, the court temporarily released Kuru to his lawyer until his bail conditions were satisfied.
