Former Heritage Bank CEO Ifie Sekibo Declared Wanted Over ₦20bn AMCON Fraud

Ifiesimama Ifie Sekibo, the former founder and Chief Executive Officer of the now-defunct Heritage Bank, is currently evading authorities over an alleged ₦20 billion fraud involving the Asset Management Corporation of Nigeria (AMCON).

His name surfaced during the criminal trial of Ahmed Kuru, ex-Managing Director of AMCON, and Umaru Hamidu Modibbo, Chairman of Sigma Golf Nigeria Ltd and former Chairman of Keystone Bank.

The Economic and Financial Crimes Commission (EFCC) has filed a six-count charge against Kuru, Modibbo, and Sekibo, accusing them of misappropriating AMCON funds through Heritage Bank to facilitate Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank. The charges include conspiracy, stealing, and money laundering.

During the arraignment before Justice Rahman Oshodi of the Lagos High Court on February 11, 2025, the EFCC disclosed that Sekibo is currently at large.

The prosecution alleges that in 2016, the defendants conspired to dishonestly convert ₦20 billion belonging to AMCON through Heritage Bank for the benefit of Sigma Golf Nigeria Ltd. Additionally, they are accused of transferring another ₦20 billion to conceal its illicit origin, actions that contravene Sections 280 and 332(1) of the Criminal Law of Lagos State 2011.

The EFCC, under the leadership of Olanipekun Olukoyede, has detailed the charges as follows:

• Count 1: Conspiracy to commit felony by dishonestly converting ₦20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.
• Count 2: Dishonest conversion of ₦20 billion of AMCON’s property through Heritage Bank for the use of Sigma Golf Nigeria Ltd in acquiring Keystone Bank.
• Count 3: Transfer of ₦10 billion on November 17, 2016, derived from illegal activities, to conceal its origin and evade legal consequences.
• Count 4: Transfer of an additional ₦10 billion on November 23, 2016, with the intent to conceal its illegal origin.
• Counts 5 and 6: Dishonest conversion of ₦10 billion on two separate occasions, November 17 and 23, 2016, of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.

These offenses are punishable under Sections 287 and 332(3) of the Criminal Law of Lagos State 2011. The charge sheet, dated October 24, was signed by Rotimi Oyedepo (SAN) and a team of legal practitioners.

As the legal proceedings continue, the whereabouts of Ifie Sekibo remain unknown, and efforts to apprehend him are ongoing.