Special Offences Court in Ikeja, Lagos, has granted bail to Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), in the amount of N50 million, requiring two sureties.
Gatekeepers News reports that the court also issued a ruling to wind up Sigma Golf Nigeria Limited, a company implicated in the case, and ordered the forfeiture of its rights, title, and interest in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares, each valued at 1.00 Naira.
Justice Rahman Oshodi delivered this judgment as part of a plea bargain agreement between the company and the Economic and Financial Crimes Commission (EFCC), following the company’s chairman, Umaru Modibbo, who entered a guilty plea during his arraignment. Modibbo is also known as the Founder of Sigma Pensions Nigeria Ltd.
The EFCC had charged Sigma Golf Nigeria Ltd with a six-count indictment relating to conspiracy, theft, and the transfer of property derived from illegal activities. Accusations included the misappropriation of AMCON funds amounting to N20 billion, which were allegedly funnelled through Heritage Bank for the acquisition of Keystone Bank.
While Kuru pleaded not guilty to the charges, Sigma Golf, through its chairman, accepted responsibility. Following the pleas, EFCC lead prosecutor Rotimi Oyedepo (SAN) informed the court of the successful negotiation of a plea bargain with Sigma Golf Nigeria Ltd. After confirming that the agreement was voluntary and served the interest of justice, the court formally adopted it as its ruling.
Part of the judgment read:
“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.
The Judge then adjourned till March 7th and April 16 & 17th for commencement of trial.
