Court orders forfeiture of Keystone Bank shares, company to be wound up

An Ikeja Special Offences Court has ordered the forfeiture of Sigma Golf Nigeria Ltd.’s rights, title, and interest in 6.25 billion units of Keystone Bank’s ordinary shares to the Federal Government.

Justice Rahman Oshodi gave the ruling on Tuesday in Lagos after the company’s chairman, Umaru Hamidu-Modibbo, pleaded guilty to an amended six-count charge filed by the Economic and Financial Crimes Commission (EFCC). The charges included conspiracy to steal, stealing, and transferring stolen property to conceal its origin.

As part of a plea bargain agreement with the EFCC, Sigma Golf accepted responsibility, leading the court to order its winding up.

“I am satisfied that the second defendant was aware of the nature of the amended information and the consequences of the plea,” Justice Oshodi stated.

The court also ruled that Hamidu-Modibbo must cooperate with the EFCC in any ongoing or future investigations, including testifying when required.

Sigma Golf was arraigned alongside former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, who pleaded not guilty. EFCC alleged that in 2016, Kuru, Hamidu-Modibbo, and others misappropriated N20 billion belonging to AMCON through Heritage Bank to acquire Keystone Bank.

The anti-graft agency further accused them of transferring N10 billion from the stolen funds to conceal its origin and evade legal consequences.

EFCC’s lead counsel, Rotimi Oyedepo (SAN), told the court that the plea bargain agreement aligned with legal principles, justice, and public policy. Sigma Golf’s chairman and legal representative confirmed that the agreement was voluntary.

Meanwhile, the court granted Kuru bail in the sum of N50 million with two sureties who must provide affidavits of means and tax payment records for the past three years.

The trial is set to continue on March 7, 2025.