Justice Ramon Oshodi of the Lagos State Special Offences Court in Ikeja, Lagos, has granted bail to Ahmed Kuyi, the former Managing Director of the Asset Management Corporation of Nigeria(AMCON) in the sum of N50 million with two sureties.
The court also convicted and dissolved Sigma Golf Nigeria Limited, ordering the forfeiture of its rights, titles, and interests in N6.25 billion units of Keystone Bank Limited shares, valued at N1.00 each, to the Federal Government.
Justice Oshodi delivered the ruling following a plea bargain agreement between Sigma Golf and the Economic and Financial Crimes Commission (EFCC).
The company’s Chairman, Umaru Modibbo, had entered a guilty plea during his arraignment on Tuesday.
Persecondnews reports that Modibbo, founder of Sigma Pensions Nigeria Ltd, was arraigned on six counts of conspiracy, theft, and illegal property transfer, alongside Kuru and Sigma Golf Nigeria Ltd.
The anti-graft agency alleged that about N20 billion in AMCON funds was misappropriated through Heritage Bank to facilitate Sigma Golf’s acquisition of Keystone Bank.
While Kuru pleaded not guilty, Sigma Golf, through its Chairman, admitted to the charges.
Following the guilty plea, EFCC’s lead prosecutor, Mr. Rotimi Oyedepo (SAN), requested that the court should accept the plea bargain terms as its judgment.
The court subsequently confirmed that the agreement was voluntary and in the interest of justice, leading to the deal being upheld.
The court judgment reads: “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.”
Following the court’s ruling, the bail application for former AMCON Managing Director Kuru was heard.
Justice Oshodi stated that the offence, which is punishable by up to seven years in prison, is generally considered bailable.
With no objections from the EFCC, the court declined to grant Ahmed Kuru bail on self-recognizance, instead setting bail at N50 million with the condition of providing two sureties who must submit an affidavit of means.
As part of the bail conditions, the two sureties must undergo vetting and provide evidence of tax payments for the past three years.
The EFCC will also notify the Nigeria Immigration Service of the court’s order to confiscate Ahmed Kuru’s international passport, which will be held by the court registrar.
Pending the fulfillment of the specified conditions, the court granted Ahmed Kuru temporary release into the custody of his lawyer, Mr. Olasupo Shasore (SAN).
Justice Oshodi adjourned the case until March 7, with further trial proceedings scheduled for April 16 and 17.
Persecondnews recalls that Kuru served two terms as the Managing Director of AMCON.
His first term and subsequent reappointment for a second and final term of five years were approved by former President Muhammadu Buhari.
Leave a comment