Court Orders Forfeiture Of 6.3 Billion Keystone Bank Shares To FG

A Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion ordinary shares of Keystone Bank Limited to the Federal Government of Nigeria following a plea bargain agreement involving Sigma Golf Nigeria Limited.

Justice Ramon Oshodi issued the forfeiture order 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).

The Economic and Financial Crimes Commission (EFCC) had arraigned Sigma Golf alongside Ahmed Kuru, a former AMCON Managing Director, on a six-count amended charge of financial misconduct. While Sigma Golf pleaded guilty, Kuru pleaded not guilty and is set to stand trial.

According to the EFCC, AMCON funds were diverted through Heritage Bank to benefit Sigma Golf Nigeria Limited, enabling the acquisition of Keystone Bank. The anti-graft agency also accused Ifie Sekibo, a former Heritage Bank MD (currently at large), of dishonestly converting N20 billion of AMCON’s funds and attempting to conceal the transaction’s source.

During Tuesday’s hearing, EFCC Counsel Rotimi Oyedepo (SAN) informed the court that both parties had reached an agreement to settle the matter amicably in line with legal principles and public interest.

Under the plea bargain terms:

• Sigma Golf Nigeria Limited pleaded guilty to all six charges and was ordered to be wound up.
• 6.25 billion Keystone Bank shares were forfeited to the Federal Government through the EFCC.
• An additional single share held by Modibbo was also forfeited.
• No further criminal charges will be pursued against Umaru Hamidu Modibbo.

Following the agreement, Justice Oshodi convicted Sigma Golf Nigeria Limited and upheld the forfeiture terms. The court also granted Ahmed Kuru bail in the sum of ₦50 million with two sureties, who must provide evidence of tax payments for three years and swear an affidavit of means.

Additionally, the EFCC was directed to notify the Nigerian Immigration Service about the seizure of Kuru’s passport. Until his bail conditions are fulfilled, Kuru has been temporarily released to his lawyer.

The court has adjourned the case to March 7 for the commencement of Kuru’s trial.