FG Takes Full Ownership Of Keystone Bank

The Lagos State Special Offences Court in Ikeja, presided over by Justice Ramon Oshodi, ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, each valued at ₦1.00, to the Federal Government of Nigeria.

This ruling followed Sigma Golf Nigeria Limited’s guilty plea to fraudulently converting ₦20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).

Represented by its Chairman, Umaru Hamidu Modibbo, Sigma Golf Nigeria Limited entered a plea bargain with the Economic and Financial Crimes Commission (EFCC).

The company was arraigned alongside former AMCON Managing Director Ahmed Kuru. While Sigma Golf admitted guilt, Kuru pleaded not guilty to the charges.

The EFCC‘s six-count amended charge alleged that AMCON funds were diverted through Heritage Bank to benefit Sigma Golf Nigeria Limited, facilitating the acquisition of Keystone Bank.

The defendants, including Ifie Sekibo, former Managing Director of the defunct Heritage Bank (currently at large), were accused of dishonestly converting ₦20 billion of AMCON’s property and transferring another ₦20 billion derived from theft, intending to conceal its source.

These actions violate Section 332(1) of the Criminal Law of Lagos 2011, punishable under Section 332(3) of the same law.

During the proceedings, EFCC Counsel Rotimi Oyedepo (SAN) informed the court of an amicable resolution with Sigma Golf Nigeria Limited, aligning with legal principles and public policy.

The plea bargain terms included Sigma Golf pleading guilty to all six charges, the company’s dissolution by the court, and the forfeiture of all rights, titles, and interests in 6,250,000,000 units of Keystone Bank’s ordinary shares to the Federal Government. Additionally, one unit of ordinary shares allocated to Alhaji Umaru Hamidu Modibbo would be forfeited.

Oyedepo noted that the complainant agreed not to pursue criminal charges against Alhaji Umaru Hamidu Modibbo.

Both the convict and its legal representative, David Idemu, confirmed the voluntary nature of the plea agreement. Kuru’s lawyer, Olasupo Shasore, did not oppose the agreement.

Justice Oshodi convicted Sigma Golf Nigeria Limited, adopting the plea bargain terms. The judge granted Kuru bail of ₦50 million with two sureties, who must swear to an affidavit of means and 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. The case was adjourned to March 7 for trial commencement, with Kuru temporarily released to his lawyer until bail conditions are met.