In a dramatic turn of events, the Special Offences Court in Ikeja, Lagos, has convicted Sigma Golf Nigeria Limited, a company linked to Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), over a staggering ₦20 billion fraud case. The ruling, delivered by Justice R.A. Oshodi, marks a significant step in the Economic and Financial Crimes Commission’s (EFCC) pursuit of accountability in high-profile financial crimes.
The case, which has sent shockwaves through Nigeria’s financial sector, has Kuru as the first defendant, standing trial alongside Sigma Golf Nigeria Limited on a six-count amended charge bordering on conspiracy, stealing, dishonesty, and criminal conversion. At Tuesday’s hearing, prosecution counsel, Rotimi Oyedepo, SAN, revealed that the amendment of charges stemmed from new developments surrounding Sigma Golf Nigeria Limited, which was represented in court by Umaru Hamidu Modibbo.
According to court documents, the accused conspired to divert ₦20 billion belonging to AMCON through Heritage Bank Limited, ultimately using the funds to acquire Keystone Bank Limited.
One of the charges against them read:
“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 (₦20,000,000,000), property of the Asset Management Corporation of Nigeria, through Heritage Bank Limited, to the use of Sigma Golf Nigeria Limited for the acquisition of Keystone Bank Limited.”
Another count detailed how the sum of ₦10 billion was transferred on November 17, 2016, as part of an attempt to conceal the illicit origin of the funds and evade legal consequences.
While Kuru pleaded “not guilty”, Sigma Golf Nigeria Limited pleaded guilty to the charges, leading Justice Oshodi to pronounce the company guilty as charged. The court then ordered its liquidation, alongside the forfeiture of:
₦6.25 billion worth of Keystone Bank shares held by the company
All rights, titles, and interests in the shares held by Umaru Hamidu Modibbo to the Federal Government of Nigeria
The ruling also implicated Modibbo, as the alter ego of Sigma Golf Nigeria Limited, in the forfeiture order.
Following the conviction, Kuru’s defense counsel, Olasupo Shasore, SAN, applied for his bail, urging the court to grant it on self-recognition and liberal terms. While the EFCC did not oppose the bail request, it pushed for stringent conditions to ensure Kuru’s court attendance throughout the trial.
“We shall be praying for stringent conditions because we are particular about the attendance in court,” Oyedepo stated.
After deliberation, Justice Oshodi granted Kuru bail in the sum of ₦50 million, with two sureties of equal sum who must:
Be gainfully employed
Provide verifiable means of identification
Commit to ensuring the defendant’s consistent court appearance
The court adjourned the case to March 7, April 16, and April 17, 2025, for the commencement of trial.
With one key entity already convicted, all eyes are now on Ahmed Kuru, as the trial promises to unravel deeper layers of one of Nigeria’s biggest financial fraud cases. The outcome of this case will not only shape the fate of the former AMCON boss but also set a precedent in Nigeria’s fight against high-profile corruption.
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