N20bn fraud: Court convicts ex-AMCON MD Kuru’s co-defendant

The Special Offences Court sitting in the Ikeja area of Lagos State has convicted Sigma Golf Nigeria Limited, a co-defendant in the trial of the former Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru.

The court convicted Sigma on Tuesday, February 11, 2025.

Kuru, the first defendant, is facing prosecution by the Economic and Financial Crimes Commission (EFCC) alongside Sigma Golf Nigeria Limited on amended six-count charge, bordering on conspiracy, stealing, dishonesty, and criminal conversion to the tune of N20 billion.

The prosecution counsel, Rotimi Oyedepo (SAN) informed the court that the reason for the amendment of the charge had to do with Sigma Golf Nigeria Limited, represented by Umaru Hamidu Modibbo.

Count one of the charges read: “Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large) and Sigma Golf Nigeria Limited sometime in 2016 in Lagos, within the jurisdiction of this Honourable Court,conspired amongst yourselves to commit felony, to with: stealing by dishonestly converting the total sum of N20,000,000,000 property of Asset Management Corporation of Nigeria through Heritage Bank Limited to the use of Sigma Golf Nigeria Limited for the acquisition of Keystone Bank Limited.”

Kuru, pleaded “not guilty” when the charges were read to him, while Sigma Golf Nigeria Limited pleaded “guilty”.

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Following company’s plea, the presiding judge, Justice R.A. Oshodi, declared Kuru’s co-defendant “guilty” as charged and ordered that its liquidation and for all its rights, title and interest in the N6,250,000,000 units of the Keystone Bank Limited’s ordinary shares of N1.00 each be forfeited to the federal government.

Applying the same sentence on Modibbo, being its alter-ego, Justice Oshodi said: “All the rights, title and interest in unit of the Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo who represented the company shall be forfeited to the Federal Government of Nigeria.”

Kuru’s counsel, Olasupo Shasore (SAN), later moved a motion for his bail and prayed the court to grant him bail on self-recognition and on liberal terms.

While the prosecution did not oppose the bail application, it prayed for tough bail conditions that could make the defendant take court attendance seriously.

Justice Oshodi granted bail to Kuru in the sum of N50 million with two sureties in like sum who must be gainfully employed and depose to means of identification.

The judge, thereafter, adjourned till March 7, and April 16, 17, 2025, for the commencement of trial.

The Star