Court Orders Forfeiture of 6.3 Billion Keystone Shares to Fed Govt
Justice Rahman Oshodi of an Ikeja Special Offences Court has ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
Justice Oshodi issued the order yesterday after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to fraudulently converting N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
Sigma Golf Nigeria Limited was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, who entered a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC) in the alleged N76bn, $31.5m fraud charge brought against him and other defendants by the EFCC.
Kuru, the first defendant in the case, has pleaded not guilty to the charges. The EFCC had filed a six-count amended charge against the defendants, claiming that AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited to facilitate the acquisition of Keystone Bank.
The anti-graft agency also accused the defendants, along with a former Managing Director of the defunct Heritage Bank, Ifiesimama Sekibo (currently at large), of dishonestly converting a total sum of N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Limited.
They were also accused of transferring another N20 billion, intending to conceal its source, in violation of Section 332(1) of the Criminal Law of Lagos 2011, which is punishable under Section 332(3) of the same law.
During the resumed proceedings yesterday, EFCC prosecuting counsel, Rotimi Oyedepo (SAN) informed the judge that the commission and Sigma Golf Nigeria Limited had agreed to resolve the matter amicably and in accordance with legal principles, justice, and public policy.
Oyedepo stated that the terms of the plea bargain agreement included Sigma Golf Nigeria Limited pleading guilty to all six court charges and being wound up by the court.
He further noted that the court would order the forfeiture of all rights, titles, and interests in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares to the Federal Government of Nigeria, represented by the EFCC.
The court would in addition order the forfeiture of one unit of ordinary shares allocated to Alhaji Umaru Hamidu Modibbo, the company’s current chairman.
Oyedepo disclosed that “the complainant agrees not to pursue criminal charges now or in the future against Alhaji Umaru Hamidu Modibbo.”
Both the convict and its legal representative, David Idemu, confirmed that the plea bargain agreement was entered into voluntarily and without coercion.
Kuru’s lawyer, Olasupo Shasore (SAN), did not oppose the agreement.
Justice Oshodi consequently convicted Sigma Golf Nigeria Limited and adopted the terms of the plea bargain agreement.
The trial judge also granted Kuru bail in the sum of N50 million with two sureties in line sum.
The sureties were ordered to swear to an affidavit of means before the court and must also provide evidence of tax payment for the last three years.
The court ordered the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport by the court registrar.
Justice Rahman temporarily released Kuru to his lawyer until his bail conditions were perfected.
He adjourned the case to March 7 for commencement of the trial.
