The Special Offences Court in Ikeja, Lagos, has granted bail to former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, in the sum of ₦50 million with two sureties.
According to reports, the court also convicted and dissolved Sigma Golf Nigeria Limited, ordering the forfeiture of its rights, titles, and interests in 6.25 billion units of Keystone Bank Limited shares (valued at ₦1.00 each) to the Federal Government.
Justice Rahman Oshodi delivered the ruling as part of a plea bargain agreement between Sigma Golf and the Economic and Financial Crimes Commission (EFCC). This followed a guilty plea by the company’s Chairman, Umaru Modibbo, during his arraignment on Tuesday. Modibbo, who founded Sigma Pensions Nigeria Ltd, was charged alongside Kuru and Sigma Golf Nigeria Ltd on six counts of conspiracy, theft, and illegally transferring property.
The EFCC alleged that about ₦20 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 plea, EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), urged the court to adopt the plea bargain terms as its judgment. After confirming that the agreement was reached voluntarily and in the interest of justice, the court upheld the deal.
The court 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.”
Following the court’s ruling, the bail application for former AMCON Managing Director Ahmed Kuru was heard.
Justice Rahman Oshodi noted that the offence, which carries a potential seven-year prison term, is typically bailable. With no objections from the EFCC, the court declined to grant Kuru bail on self-recognizance. Instead, bail was set at ₦50 million, requiring two sureties who must submit an affidavit of means.
As part of the conditions, the sureties must undergo screening and provide proof of tax payments for the past three years. Additionally, the EFCC will notify the Nigeria Immigration Service regarding the confiscation of Kuru’s passport by the court registrar.
Pending the fulfillment of these conditions, the court granted Kuru temporary release to his lawyer, Olasupo Shasore (SAN).
Justice Oshodi scheduled trial proceedings for March 7, April 16, and April 17.
