Umar Hamidu Modibbo, the Chairman of Sigma Golf Nigeria Limited has pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
Modibbo, pleaded guilty while appearing before Justice Ramon Oshodi of the Special Offences Court, Ikeja, Lagos today, Tuesday, January 11.
The businessman’s plea was part of a plea bargain agreement he entered with the Economic and Financial Crimes Commission (EFCC).
The EFCC had 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.
Additionally, they were 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 court proceedings, EFCC Counsel 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 added 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.
He further noted that the court would order the forfeiture of all rights, titles, and interests in 6,250,000,000 units of Keystone Bank Limited’s ordinary shares to the Federal Government of Nigeria, represented by the EFCC.
Additionally, the court would order the forfeiture of one unit of ordinary shares allocated to Modibbo, the company’s current chairman.
Oyedepo disclosed that “the complainant agrees not to pursue criminal charges now or in the future against Alhaji Umaru Hamidu Modibbo.”
Both the convict and its legal representative, David Idemu, confirmed that the plea bargain agreement was entered into voluntarily and without coercion.
In light of these developments, Justice Oshodi convicted Sigma Golf Nigeria Limited and adopted the terms of the plea bargain agreement.
Justice Oshodi ordered the forfeiture of 6.3 billion units of ordinary shares of Keystone Bank Limited, valued at N1.00 each, to the Federal Government of Nigeria.
Meanwhile, while Modibbo pleaded guilty to the charges, Ahmed Kuru, a former Managing Director of AMCON, who is the first defendant in the case, pleaded not guilty.
Kuru was granted bail in the sum of N50 million with two sureties, who must swear to an affidavit of means before the court. The sureties must also provide evidence of tax payment for the last three years.
The court ordered the EFCC to notify the Nigerian Immigration Service (NIS) regarding the seizure of Kuru’s passport by the court registrar.
Before adjourning the case to March 7, for the commencement of the trial, the court temporarily released Kuru to his lawyer until his bail conditions were perfected.
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