The Lagos State Special Offences Court in Ikeja on Tuesday ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
The Special Offences Court also ordered the winding-up of Sigma Golf Nigeria Ltd. because of the alleged theft/fraudulent diversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
The orders which were handed down by Justice Rahman Oshodi after Sigma Golf Nigeria Limited’s guilty plea as entered by its Chairman, Umaru Hamidu Modibbo.
The company, was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, after entering a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
The EFCC filed a six-count amended charge claiming that the AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited to facilitate the acquisition of Keystone Bank.
The anti-graft agency, under the direction of Olanipekun Olukoyede, also accused the defendants, along with Ifie Sekibo, a former Managing Director of the defunct Heritage Bank (who is currently at large), of dishonestly converting a total of N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Limited.
Additionally, they were accused of transferring another N20 billion, derived from theft, with the intent to conceal its source, in violation of Section 332(1) of the Criminal Law of Lagos 2011, which is punishable under Section 332(3) of the same law.
During the proceedings on Tuesday, EFCC Counsel Rotimi Oyedepo (SAN) informed the judge that the Commission and Sigma Golf Nigeria Limited had agreed to resolve the matter amicably and in accordance with legal principles, justice, and public policy.
Oyedepo stated that the terms of the plea bargain agreement included Sigma Golf Nigeria Limited pleading guilty to all six court charges and being wound up by the court.
He further noted that the court would order 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 of Nigeria, represented by the EFCC.
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.”
Additionally, the court would order the forfeiture of one unit of ordinary shares allocated to Alhaji Umaru Hamidu Modibbo, the company’s current chairman.
Oyedepo disclosed that “the complainant agrees not to pursue criminal charges now or in the future against Alhaji Umaru Hamidu Modibbo.”
Both the convict and its legal representative, David Idemu, confirmed that the plea bargain agreement was entered into voluntarily and without coercion.
Similarly, Kuru’s lawyer, Olasupo Shasore, did not oppose the agreement.
In light of these developments, Justice Oshodi convicted Sigma Golf Nigeria Limited and adopted the terms of the plea bargain agreement.
During the proceedings, the judge also granted Kuru bail in the sum of N50 million with two sureties, who must swear to an affidavit of means before the court. The sureties must also provide evidence of tax payment for the last three years.
The court ordered the EFCC to notify the Nigerian Immigration Service regarding the seizure of Kuru’s passport by the court registrar.
Before adjourning the case to March 7 for the commencement of the trial, the court temporarily released Kuru to his lawyer until his bail conditions were perfected.
However, Kuru, the first defendant in the case, pleaded not guilty to the charges.
