Justice Ramon Oshodi of the Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.25bn billion units of ordinary shares belonging to Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
The order came after a company, 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).
This follows a plea bargain agreement entered into between the firm and the Economic and Financial Crimes Commission (EFCC).
But the first defendant in the case, a former Managing Director of AMCON, Ahmed Kuru,
pleaded not guilty to the charges.
The EFCC filed a six-count amended charges against the defendants for the alleged Offences of conspiracy, stealing and transfer of property derived from an illegal act.
The anti-graft agency also accused the defendants of dishonestly converting a total of N20 billion AMCON funds for Sigma Golf Nigeria Limited.
During the proceedings on Tuesday, EFCC Counsel Rotimi Oyedepo (SAN) informed the judge that the Commission and Sigma Golf Nigeria Limited had agreed to resolve the matter amicably and in accordance with legal principles, justice, and public policy.
He added that the terms of the plea bargain agreement included Sigma Golf Nigeria Limited pleading guilty to all six court charges and being 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.
Mr Oyedepo disclosed that “the EFCC agrees not to pursue criminal charges now or in the future against Alhaji Umaru Hamidu Modibbo.”
Both the convict and its counsel, David Idemu, confirmed that the plea bargain agreement was entered into voluntarily and without coercion.
Mr Kuru’s lawyer, Olasupo Shasore, (SAN) did not oppose the agreement.
Justice Oshodi then convicted Sigma Golf Nigeria Limited and adopted the terms of the plea bargain agreement.
During the proceedings, the judge also granted Mr Kuru bail in the sum of N50 million with two sureties, who must swear to an affidavit of means before the court. The sureties must also provide evidence of tax payment for the last three years.
The court ordered the EFCC to notify the Nigerian Immigration Service regarding the seizure of Mr Kuru’s passport by the court registrar.
Before adjourning the case to March 7 for the commencement of the trial, the court temporarily released Mr Kuru to his lawyer until his bail conditions were perfected.
The former AMCON boss is also standing trial along with four other defendants for an alleged N76 billion and $31.5 million fraud at Arik Airline, which he has pleaded not guilty to.
