The Lagos State Special Offences Court in Ikeja on Tuesday ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the Nigerian government under President Bola Ahmed Tinubu.
The ruling followed a guilty plea by Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, over the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
Sigma Golf Nigeria Limited was arraigned alongside former AMCON Managing Director Ahmed Kuru, who pleaded not guilty to the charges. The company had entered a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
The EFCC filed a six-count amended charge, alleging that AMCON funds were diverted through Heritage Bank to facilitate Sigma Golf Nigeria Limited’s acquisition of Keystone Bank. The anti-graft agency also accused Kuru and Ifie Sekibo, the former Managing Director of the now-defunct Heritage Bank—who remains at large—of dishonestly converting N20 billion of AMCON’s funds through Heritage Bank for Sigma Golf Nigeria Limited.
