The Special Offences Court in Ikeja, Lagos, on Tuesday granted bail to Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), in the sum of ₦50 million with two sureties.
The court also convicted and dissolved Sigma Golf Nigeria Limited, ordering the forfeiture of the company’s rights, title, and interest in 6.25 billion units of Keystone Bank Limited’s ordinary shares to the Federal Government. This was part of a plea bargain agreement between the company and the Economic and Financial Crimes Commission (EFCC) following a guilty plea by the company’s Chairman, Umaru Modibbo.
Modibbo, who is also the founder of Sigma Pensions Nigeria Ltd, had his company, Sigma Golf Nigeria Ltd, arraigned alongside Kuru on charges of conspiracy, stealing, and the transfer of property obtained through illegal means. The EFCC accused the defendants of diverting ₦20 billion of AMCON funds through Heritage Bank for the acquisition of Keystone Bank.
While Kuru pleaded not guilty, Sigma Golf, through its Chairman, Modibbo, pleaded guilty. The EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), informed the court of the plea bargain and requested that the terms be adopted as the court’s judgment. The court confirmed that the agreement was voluntary and in the interest of justice, and it was adopted.
The judgment included the forfeiture of all rights in Keystone Bank shares held by Sigma Golf Nigeria Ltd and Modibbo. The Federal Government also agreed not to pursue criminal charges against Modibbo, provided he fully cooperates with any ongoing or future investigations.
Following this, the court heard Kuru’s bail application. Justice Rahman Oshodi noted that the charge, which carries a seven-year sentence, was bailable. Despite no objections from the EFCC, the court declined to grant bail on self-recognition and set the bail at ₦50 million with two sureties, who must provide affidavits of means and evidence of tax payments over the last three years. Kuru’s passport was seized by the court, and the Nigeria Immigration Service was notified.
Kuru was temporarily released to his lawyer, Olasupo Shasore (SAN), pending the fulfillment of his bail conditions. The court adjourned the case to March 7th, with further hearings set for April 16th and 17th.
