Temporary reprieve seems to have come the way of former Managing Director of Asset Management Corporation of Nigeria, AMCON, Ahmed Kuru as a Special Offences Court, Ikeja, Lagos granted him bail in the sum of N50m on Tuesday.
This came following his arraignment and a company, Sigma Golf Nigeria Limited, over alleged conspiracy, stealing and transfer of property total of N20,000,000,000 (Twenty Billion Naira) before Justice Rahman Oshodi.
Initially, the defendants were charged on a six-count charge bordering on conspiracy, stealing and dishonestly taking the property of another.
But in a twist of event, the third defendant, Alhaji Umaru Hamidu Modibbo, represented the company and pleaded guilty to an amended charge.
Justice Rahman Oshodi pronounced that the defendant (Kuru) be released to Olasupo Shasore (SAN) his lawyer, on self-recognisance, while ruling on the application seeking his bail.
The defendant will be granted temporary freedom if he is able to deposit N50 million and provide two sureties in like sum, who shall swear to an affidavit of gainful employment as proof of evidence within the jurisdiction of this court.
Delivering the judgement in a plea bargain arrangement for the second defendant, the trial judge stated, “The prosecution through amended dated 10 February 2025, stealing and transfer of property is illegal and prosecuting informed court about plea bargain agreement.
The charge was read in English through the second defendant representative of the company, who pleaded guilty.
The terms of the agreement stated, “That the 2nd Defendant shall plead guilty to all the six (6) counts contained in the instant information.
“That upon conviction, the 2nd Defendant shall be wound up by an order of this Honourable Court and all its rights, title and interest in the Six Billion, Two Hundred and Fifty Million (6,250,000,000) units of the Keystone Bank Limited’s ordinary shares of 1.00 each shall be forfeited to the Federal Government of Nigeria represented by the Economic and Financial Crimes Commission, EFCC.
“That upon the conviction of the 2nd Defendant herein, all the rights, title and interest in the one (1) unit of the Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo, the 2nd Defendant herein and the current Chairman of the 2nd Defendant, shall forthwith be forfeited.
Justice Oshodi found the second defendant guilty as charged and made the following ordered as agreed in the agreement.
“Sigma Nigeria Ltd shall wound up and all its rights, title and interest in the Six Billion, Two Hundred and Fifty Million (N6, 250,000,000 unit of the Keystone Bank limited ordinary shares of N1.00 each shall be forfeited to Federal Government of Nigeria.
During proceeding, the Prosecuting counsel, Rotimi Oyedepo informed court about the plea bargain agreement with second defendant, Sigma Golf Nigeria Limited.
According to the Prosecution, an amended information was filed, dated February 10, 2025.
First and second defence counsel, Olasupo Shasore, SAN, and David Idemu confirmed that the Prosecution had served them the the amended information and that the review of the facts will be limited to second defendant alone.
“There is a plea bargain agreement between FRN and second defendant dated 10 February, 2025 and filed the same date, urged the court to adopt the same.
“I urged the court to sentenced the second defendant in respect of this plea bargain”.
The second defendant, Sigma Golf Nigeria Limited of 10 Nairobi Street, Wuse 2, Abuja AMAC FCT, who represented by Umaru Hamidu Madibbo pleaded guilty to all the six-count charges when they were read to him.
Count one reads: “Ahmed Kuru, Umaru Hamidu Madibbo, 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 Twenty Billion Naira (N20, 000,000,000) property of Asset Management Cooperation of Nigeria through Heritage Bank Limited to the use of Sigma Golf Nigeria Limited for the acquisition of Keystone Bank Limited”.
Count three reads: “Ahmed Kuru, Umaru Hamidu Madibbo, Ifie Sekibo (at large) and Sigma Golf Nigeria Limited on the 17th of November, 2016 in Lagos, within the jurisdiction of this Honourable Court transferred the aggregate sum of Ten Billion Naira (N10, 000,000,000) derived directly from an illegal act to wit: stealing with the aim of concealing the illegal origin of the said sum and to evade the legal consequences of your action”.
The counsel to the first defendant Olasupo Sashore, SAN, in his motion for bail dated December 10, 2024,
Sashore prayed the court that the defendant be granted bail on self recognisance, or on most liberal terms.
However, EFCC Counsel Rotimi Oyedepo SAN, said he leaved the decisions of bail on disgresions of court, however he urged court to put sting conditions for defendant bail.
“But we shall be praying for stringent conditions because we are particular about their attendance in court.”
Also, all the right, title and interest in unit of the Keystone Bank Limited’s Ordinary shares alloted to Alhaji Umaru Hamidu Modibbo who represent the company shall be forfeited to Federal Government of Nigeria.
After listening to the arguments from all the parties, in related to bail of the First defendant, Justice Oshodi granted bail to the defendant in the sum of N50 million naira each with two sureties in like sum.
The sureties must be gainfully employed and deposed to means of identification.
He also directed that both shall produce three-year tax clearance, with physical and verification of their addresses, and on the interim bail, releasing him to his counsel, Shasore.
The matter was adjourned till March 7, and April 16, 17, 2025 for commencement of trial.
