By By Micheal Chukwuebuka
A Lagos court has ordered the forfeiture of 6.3 billion units of Keystone Bank shares to the Federal Government of Nigeria.
The order was made by Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja, following a guilty plea by Sigma Golf Nigeria Limited.
The company, chaired by Umaru Hamidu Modibbo, admitted to fraudulently converting N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).
Sigma Golf Nigeria Limited and a former AMCON Managing Director, Ahmed Kuru, were arraigned after entering a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, the AMCON funds were diverted through Heritage Bank to facilitate Sigma Golf Nigeria Limited’s acquisition of Keystone Bank. The defendants were also accused of dishonestly converting N20 billion of AMCON’s property and transferring another N20 billion derived from theft.
The court ordered the forfeiture of all rights, titles, and interests in the Keystone Bank shares to the Federal Government.
Additionally, Ahmed Kuru was granted bail in the sum of N50 million with two sureties, who must provide evidence of tax payment for the last three years.
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