The Special Offences Court sitting in Ikeja, Lagos, on Tuesday convicted and ordered the winding up (dissolve) of Sigma Golf Nigeria Limited in an alleged N20 billion fraudulent diversion case.
Justice Rahman Oshodi delivered the judgment in the case instituted by the Economic and Financial Crimes Commission (EFCC) against a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and the company (as a co-defendant).
The EFCC had arraigned Sigma Golf Nigeria Ltd and the former AMCON boss on a six-count amended charge bordering on alleged conspiracy and stealing.
The EFCC accused the defendants of converting AMCON’s N20 billion funds through Heritage Bank to Sigma Golf Nigeria Ltd for the acquisition of shares in Keystone Bank.
What Transpired in Court
Following the arraignment, Kuru pleaded not guilty to the offences, while Sigma Golf’s Chairman, Umaru Modibbo, admitted guilt.
- The EFCC counsel, Rotimi Oyedepo (SAN), informed the court that the commission had reached a plea bargain agreement with the company.
- A plea bargain agreement is a legal procedure wherein a suspect admits to an offense in exchange for a lighter punishment.
Oyedepo urged the court to adopt the plea bargain agreement as its judgment.
The plea bargain agreement partly reads:
“That upon the conviction of Sigma Golf Nigeria Ltd, all its rights, title, and interest in the one (1) unit of 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 this 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 Hamidu Modibbo, agree to fully cooperate with the Prosecution in any ongoing or future investigations related to this matter, including providing truthful testimony as required.”
- The court confirmed from the co-defendant’s legal team that the agreement was voluntary, and the response was affirmative.
The court subsequently convicted and wound up Sigma Golf Nigeria Limited and ordered ‘the forfeiture to the Federal Government of all rights, title, and interest of the company in Six Billion, Two Hundred and Fifty Million (6,250,000,000) units of Keystone Bank Limited’s ordinary shares of N1.00 each.”
Bail Application
After the conviction and sentencing, Kuru’s legal team applied for bail in the interest of justice.
- Responding, the judge granted Kuru bail in the sum of N50 million with two sureties in like sum.
- The court also ordered the EFCC to inform the Nigeria Immigration Service of the seizure of Kuru’s passport by the court registrar.
- The court released Ahmed Kuru to his lawyer, Olasupo Shasore (SAN), pending the perfection of his bail conditions.
The matter was then adjourned to March 7 and April 16 & 17 for the commencement of trial.
Backstory
Kuru is also being accused by the EFCC of allegedly defrauding Arik Air of ₦76 billion and $31.5 million.
- The case stems from AMCON’s acquisition of Arik Air’s debt portfolio in 2011 as part of efforts to stabilize Nigeria’s aviation sector.
- The airline, once the largest in West Africa, faced financial instability, leading to its receivership in 2017.
While the development raises concerns about debt recovery by agents of federal government institutions, the case against the ex-AMCON boss is still an allegation pending final determination by the court.
