The Special Offences Court in Ikeja, Lagos, presided over by Justice R.A. Oshodi, has convicted and sentenced Sigma Golf Nigeria Limited, a co-defendant in the ongoing trial of Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), for fraud.
Kuru, the primary defendant, is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside Sigma Golf Nigeria Limited on an amended six-count charge, including conspiracy, stealing, dishonesty, and criminal conversion amounting to ₦20 billion.
During the proceedings, EFCC counsel Rotimi Oyedepo, SAN, informed the court that the charges were amended due to the involvement of Sigma Golf Nigeria Limited, represented by Umaru Hamidu Modibbo.
One of the charges reads:
“Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Limited, sometime in 2016 in Lagos, within the jurisdiction of this Honourable Court, conspired to commit felony, specifically stealing, by dishonestly converting the total sum of Twenty Billion Naira (₦20,000,000,000), property of the Asset Management Corporation of Nigeria, through Heritage Bank Limited, for the acquisition of Keystone Bank Limited.”
Another charge states:
“On November 17, 2016, within the jurisdiction of this Honourable Court, Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Limited transferred the aggregate sum of Ten Billion Naira (₦10,000,000,000), derived directly from an illegal act, with the intent of concealing its illicit origin and evading legal consequences.”
Kuru pleaded not guilty to the charges, while Sigma Golf Nigeria Limited entered a guilty plea.
Consequently, Justice Oshodi found Sigma Golf Nigeria Limited guilty and ordered its liquidation. Additionally, all its rights, titles, and interests in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares (valued at ₦1.00 per share) were forfeited to the Federal Government of Nigeria.
The court applied the same sentence to Modibbo, as the company’s alter ego, ordering the forfeiture of all his rights, titles, and interests in the Keystone Bank shares to the Federal Government.
Following this, Kuru’s legal counsel, Olasupo Shasore, SAN, moved a motion for bail, requesting it be granted on self-recognition and on liberal terms. While the prosecution did not oppose the application, it urged the court to impose stringent conditions to ensure the defendant’s continued attendance in court.
“We are particularly concerned about the defendant’s attendance in court and, therefore, seek stringent bail conditions,” Oyedepo stated.
Justice Oshodi subsequently granted bail to Kuru in the sum of ₦50 million, with two sureties in like sum. The sureties must be gainfully employed and provide valid means of identification.
The case was adjourned to March 7, April 16, and April 17, 2025, for the commencement of trial.
