Francis Iwuchukwu 
The Lagos State Special Offences Court, Ikeja, presided over by Justice Rahman Oshodi, on Tuesday, ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited to the Federal Government of Nigeria (FGN).
Justice Oshodi arrived at the verdict following a plea bargain agreement between the Economic and Financial Crimes Commission (EFCC) and Sigma Golf Nigeria Limited.
The company, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
Sigma Golf Nigeria Limited, which was arraigned alongside former AMCON Managing Director, Ahmed Kuru, admitted to wrongdoing after negotiations with the EFCC.
However, Kuru, the first defendant in the case, pleaded not guilty to the charges.
The EFCC, represented by Senior Advocate of Nigeria (SAN), Rotimi Oyedepo, filed a six-count amended charge accusing the defendants of diverting AMCON funds through a new-generation bank to facilitate the acquisition of Keystone Bank.
The anti-graft agency further alleged that another N20 billion, derived from theft, was transferred with the intent to conceal its source, a violation of Section 332(1) of the Criminal Law of Lagos 2011, punishable under Section 332(3) of the same law.
While the proceeding lasted on Tuesday, Oyedepo (SAN), told the judge that the plea bargain agreement was reached in line with legal principles, justice, and public policy.
As part of the deal, Sigma Golf Nigeria Limited agreed to plead guilty to all six charges and be officially wound up by the court.
“The terms of the agreement include 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, represented by the EFCC,” Oyedepo stated.
Additionally, one unit of ordinary shares allocated to Alhaji Umaru Hamidu Modibbo, the company’s chairman, would also be forfeited.
He further disclosed that under the agreement, the EFCC would not pursue criminal charges against Modibbo now or in the future.
The court verified that Sigma Golf Nigeria Limited and its legal representative, David Idemu, voluntarily entered into the plea bargain agreement without coercion.
Likewise, Kuru’s lawyer, Olasupo Shasore (SAN), did not oppose the agreement.
After reviewing the submissions, Justice Oshodi convicted Sigma Golf Nigeria Limited and upheld the terms of the plea bargain agreement, including the forfeiture of the Keystone Bank shares.
Meanwhile, the court granted Ahmed Kuru bail in the sum of N50 million, with two sureties required to swear to an affidavit of means.
The sureties must also provide evidence of tax payments for the past three years.
Furthermore, Justice Oshodi directed the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport by the court registrar.
Until his bail conditions are met, Kuru was temporarily released to his lawyer. The case was adjourned to March 7 for the commencement of trial.
