Court Orders Keystone Bank Forfeiture of 6.3 Billion Units Shares To FG

Lagos State Special Offences Court has ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government

 Justice Ramon Oshodi gave the order on Tuesday in Ikeka.

The company, which was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, was after entering a plea bargain agreement with the Economic and Financial Crimes Commission, EFCC.

The order came after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria, AMCON, funds.

However, Kuru, the first defendant in the case, pleaded not guilty to the charges.

The EFCC filed a six-count amended charge claiming that the AMCON funds were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited to facilitate the acquisition of Keystone Bank.

The anti-graft agency, under the direction of Olanipekun Olukoyede, also accused the defendants, along with Ifie Sekibo, a former Managing Director of the defunct Heritage Bank (who is currently at large), of dishonestly converting a total of N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Limited.

They were also accused of transferring another N20 billion, derived from theft, with the intent to conceal its source, in violation of Section 332(1) of the Criminal Law of Lagos 2011, which is punishable under Section 332(3) of the same law.

During the proceedings on Tuesday, EFCC counsel, Mr. Rotimi Oyedepo, SAN, informed the judge that the commission and Sigma Golf Nigeria Limited had agreed to resolve the matter amicably and in accordance with legal principles, justice, and public policy.

Oyedepo stated that the terms of the plea bargain agreement included Sigma Golf Nigeria Limited pleading guilty to all six court charges and being wound up by the court.