Court approves winding up of Sigma Golf, forfeiture of N6bn Keystone Bank shares to FG

An Ikeja special offences court in Lagos has approved a plea bargain agreement between Sigma Golf Nigeria Limited and the Economic and Financial Crimes Commission (EFCC).

Ramon Oshodi, the judge, on Tuesday, approved the agreement after the company represented by Umaru Hamidu Modibbo, its chairman, entered a plea bargain agreement with the EFCC.

The plea bargain agreement will see Sigma Golf forfeit N6.3 billion shares held in Keystone Bank Limited to the federal government.

Sigma Golf alongside Modibbo and Ahmed Kuru, a former managing director of Asset Management Corporation of Nigeria (AMCON), was arraigned on a six-count charge bordering on the alleged dishonest conversion of N20 billion belonging to AMCON.

“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,” the charge sheet 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 dishonestly converted 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.

“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.”

SIGMA GOLF PLEADS GUILTY, KURU PLEADS NOT GUILTY

In a copy of the plea bargain agreement seen by TheCable, the company represented by Modibbo agreed to plead guilty to all the charges and that upon conviction, the company would be wound up.

The company also agreed that “all its rights, title, and interest in the six billion, two hundred and fifty million (6,250,000,000) units of Keystone Bank Limited’s ordinary shares of N1.00 each shall be forfeited to the Federal Government of Nigeria represented by the Economic and Financial Crimes Commission (EFCC)”.

It was also agreed with the EFCC that “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 3rd Defendant, shall forthwith be forfeited”.

“That in respect of the facts and circumstances of the instant case, the Complainant agrees not to pursue criminal charges both now and in the future against the 2nd Defendant (Alhaji Umaru Hamidu Modibbo),” the plea bargain agreement reads.

“That the 3rd Defendant and its Chairman, (Alhaji Umaru Hamidu Modibbo) agrees to fully cooperate with the Prosecution in any ongoing or future investigations related to this matter, including providing truthful testimony if required.”

Kuru, however, pleaded not guilty.

‘PLEA BARGAIN AGREEMENT MADE VOLUNTARILY’

During the proceedings, Rotimi Oyedepo, counsel to the EFCC, informed the judge that the agency and Sigma Golf had agreed to resolve the matter amicably in line with legal principles and justice.

Oyedepo said the terms of the plea bargain agreement included the company pleading guilty to all six count-charge and winding up.

David Idemu, counsel to Sigma Golf and Modibbo, told the court that the plea bargain agreement was made voluntarily.

Olasupo Shasore, Kuru’s lawyer, did not oppose the agreement.

In his verdict, Oshodi convicted Sigma Golf and adopted the terms of the plea bargain agreement.

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.

Also, the court directed the EFCC to notify the Nigerian Immigration Service (NIS) regarding the seizure of Kuru’s passport by the court registrar.

Oshodi temporarily released Kuru to his lawyer until his bail conditions were perfected.

The case was adjourned to March 7 for the commencement of the trial.

In March 2017, AMCON handed over Keystone Bank to the Sigma Golf-Riverbank consortium.