In a significant development in the ongoing fraud trial of Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Justice R.A. Oshodi of the Special Offences Court in Ikeja, Lagos, has convicted and sentenced Sigma Golf Nigeria Limited for its involvement in a N20 billion fraud. The ruling came on Tuesday, February 11, 2025.
This is contained in a statement signed by the Head, Media & Publicity, Dele Oyewale on Tuesday in Abuja.
He stated,”Kuru, who is facing prosecution alongside Sigma Golf Nigeria Limited by the Economic and Financial Crimes Commission (EFCC), has been charged with six counts related to conspiracy, stealing, dishonesty, and criminal conversion. The charges involve the illegal diversion of N20 billion from AMCON, facilitated through Heritage Bank and ultimately used by Sigma Golf for the acquisition of Keystone Bank Limited.
“At today’s session, the court heard that the charges were amended to include Sigma Golf Nigeria Limited, which is represented by Umaru Hamidu Modibbo. The amended charge detailed the company’s role in the conspiracy to steal and convert the funds in 2016, as well as its involvement in transferring a sum of N10 billion, derived from the illegal act, to conceal its origins.
“While Kuru pleaded “not guilty” to the charges, Sigma Golf Nigeria Limited entered a plea of “guilty.” In response to this, Justice Oshodi declared the company guilty and ordered its liquidation. Furthermore, the court ruled that Sigma Golf’s rights to N6.25 billion worth of shares in Keystone Bank be forfeited to the federal government.”
He added,”Additionally, the court imposed the same forfeiture on Modibbo, who represented Sigma Golf in the acquisition of the Keystone Bank shares, ordering the forfeiture of all rights and interests in those shares to the Nigerian government.
“Following the verdict, Kuru’s legal counsel, Olasupo Shasore SAN, moved a motion for his client’s bail, requesting terms that would allow for the former AMCON MD’s release. While the prosecution did not object to bail, they sought stringent conditions to ensure Kuru’s attendance at future court sessions. In response, Justice Oshodi granted Kuru bail in the sum of N50 million, with two sureties in like sum who must be gainfully employed and provide proof of identification.
“The court adjourned the matter until March 7, 2025, and set further dates for trial on April 16 and 17, 2025.”
