Ahmed Kuru’s co-defendant convicted in AMCON fraud trial

By Lukman Olabiyi

Sigma Golf Nigeria Limited, a co-defendant in the trial of Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), was on Tuesday, February 11, 2025, convicted and sentenced for fraud by Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos.

Kuru, the first defendant, is facing prosecution by the Economic and Financial Crimes Commission (EFCC), alongside Sigma Golf Nigeria Limited, on an amended six-count charge bordering on conspiracy, stealing, dishonesty, and criminal conversion to the tune of N20 billion.

At today’s proceeding, the prosecution counsel, Rotimi Oyedepo, SAN, informed the court that the reason for the amendment of the charge had to do with Sigma Golf Nigeria Limited, represented by Umaru Hamidu Modibbo.

Count one reads: “Ahmed Kuru, Umaru Hamidu Modibbo, 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 wit: stealing by dishonestly converting the total sum of Twenty Billion Naira (N20,000,000,000), property of Asset Management Corporation 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 Modibbo, 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.”

Kuru pleaded “not guilty” when the charges were read to him, while Sigma Golf Nigeria Limited pleaded “guilty.”

Following Sigma Golf Nigeria Limited’s plea, Justice Oshodi declared the company “guilty” as charged and ordered its liquidation, with all its rights, title, and interest in the N6,250,000,000 (Six Billion, Two Hundred and Fifty Million) units of Keystone Bank Limited’s ordinary shares of N1.00 each forfeited to the federal government.

Applying the same sentence on Modibbo, being its alter ego, the court ordered that “all the rights, title, and interest in the units of Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo, who represented the company, shall be forfeited to the federal government of Nigeria.”

Thereafter, Kuru’s counsel, Olasupo Shasore, SAN, moved a motion for his bail and prayed the court to grant him bail on self-recognition and on liberal terms. While the prosecution did not oppose the bail application, it prayed for tough bail conditions that could make the defendant take court attendance seriously.

“We shall be praying for stringent conditions because we are particular about the attendance in court,” Oyedepo said.

Justice Oshodi granted bail to Kuru in the sum of N50 million with two sureties in like sum, who must be gainfully employed and depose to means of identification.

He adjourned the case until March 7 and April 16–17, 2025, for the commencement of trial.