Alleged ₦20bn Fraud: Court Grants Ex-AMCON Boss Bail, Convicts Co-Defendant

Alleged ₦20bn Fraud: Court Grants Ex-AMCON Boss Bail, Convicts Co-Defendant

THECONSCIENCE reports that The Special Offences Court sitting in Ikeja, Lagos, on Tuesday admitted a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, to bail in the sum of N50m with two sureties.

The court also convicted and wound up a company, Sigma Golf Nigeria Limited and ordered the forfeiture to the Federal Government, 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.

Justice Rahman Oshodi handed down this judgment which formed part of the terms of a plea bargain agreement between the company and the Economic and Financial Crimes Commission (EFCC) following the guilty plea of the company through its Chairman, Umaru Modibbo, after his arraignment in court on Tuesday.

Modibbo is also the Founder of Sigma Pensions Nigeria Ltd. Following an amended charge, his company, Sigma Golf Nigeria Ltd was arraigned by the EFCC before the judge on a six-count charge alongside the former AMCON boss for the offence of conspiracy, stealing and transfer of property derived from an illegal act.

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.

While Kuru pleaded not guilty to the offences, Sigma Golf through its Chairman pleaded guilty.

After the plea of both defendants, the EFCC through its lead prosecutor, Rotimi Oyedepo (SAN) then informed the court that it had reached a plea bargain agreement with the company.

Oyedepo asked the court to adopt the terms of the agreement as the judgment of the court.

After convincing itself that the agreement was voluntary and done in the interest of justice, the court adopted it as its judgment.

“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.”

After this judgment, the court listened to the bail application of the former AMCON MD, Ahmed Kuru.

Justice Oshodi noted that the offence which carries a seven-year jail term was ordinarily bailable. With no objections from the EFCC, the court declined to admit the defendant to bail on self-recognizance but admitted him to bail in the sum of N50m with 2 sureties who shall swear to an affidavit of means before the court.

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.

The EFCC is to notify the Nigeria Immigration Service of the seizure of Kuru’s passport by the registrar of the court

In the meantime, the court has temporarily released Ahmed Kuru to his lawyer Olasupo Shasore (SAN) pending the perfection of his bail conditions.

Justice Oshodi then adjourned till March 7th and April 16 & 17th for commencement of trial.