The Special Offences Court sitting in Ikeja, Lagos, on Tuesday granted bail to the former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, in the sum of ₦50 million with two sureties.
The court, presided over by Justice Rahman Oshodi, also convicted Sigma Golf Nigeria Limited and ordered the forfeiture of the company’s rights, title, and interest in 6.25 billion units of Keystone Bank Limited’s ordinary shares to the Federal Government.
This ruling followed a plea bargain agreement between Sigma Golf and the Economic and Financial Crimes Commission.
The company’s Chairman, Umaru Modibbo, who is also the founder of Sigma Pensions Nigeria Ltd, pleaded guilty to charges of conspiracy, stealing, and transferring property derived from illegal activities.
The EFCC accused Kuru and Sigma Golf of illegally converting AMCON funds worth ₦20 billion through Heritage Bank for the acquisition of Keystone Bank. While Kuru pleaded not guilty, Sigma Golf admitted guilt through its Chairman.
The EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), urged the court to adopt the plea bargain agreement as its judgment. After reviewing the agreement, Justice Oshodi ruled:
“Upon the conviction of Sigma Golf Nigeria Ltd, all its rights, title, and interest in the Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo shall be forfeited to the Federal Government.”
The court also ruled that Modibbo would not face further criminal charges related to the case, provided he cooperates with ongoing and future investigations.
Following this, the court considered Kuru’s bail application. Although the EFCC did not oppose the bail, the court declined to grant bail on self-recognizance. Instead, Kuru was granted ₦50 million bail with two sureties who must swear an affidavit of means and provide tax clearance for the last three years.
The court also directed the EFCC to notify the Nigeria Immigration Service about the seizure of Kuru’s passport.
For now, Kuru has been temporarily released to his lawyer, Olasupo Shasore (SAN), pending the fulfillment of his bail conditions.
The trial has been adjourned to March 7, April 16, and April 17, 2025.
