COURT FIXES FEB 11 TO ARRAIGN KURU, MODDIBO IN ALLEGED N20BN FRAUD CASE

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On February 11, 2025, Ahmed Kuru, the former managing director of Asset Management Corporation of Nigeria (AMCON), will be charged with a new crime: fraudulently converting ₦20 billion in AMCON funds.

According to the Economic and Financial Crimes Commission’s (EFCC) new six-count allegation, AMCON monies were transferred through Heritage Bank to Sigma Golf Nigeria Ltd., a business, in order to purchase Keystone Bank.

Justice Rahman Oshodi of the Lagos High Court in Ikeja will arraign Kuru and his co-defendants, Sigma Golf Nigeria Ltd. and Umaru Hamidu Moddibo, the chairman of Keystone Bank.

Another person who was named in the charge, one Ifie Sekibo is said to be at large.

Meanwhile, Kuru’s lawyer, Olasupo Shasore (SAN), has written to the EFCC Chairman, Ola Olukoyede, to request the suspension of the execution of the bench warrant which the court issued for his arrest after he failed to appear for his arraignment on Tuesday, December 3rd on a 6-count charge of abuse of office, alleged stealing of ₦76bn and property belonging to Arik Air.

Shasore in the letter dated Dec 3rd and seen by Channels Television also made an undertaking to produce Kuru on the next adjourned date of January 20, 2025, before Justice Mojisola Dada for his arraignment.

In count 1, of the fresh 6-count charge, Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Ltd are alleged to have some time in 2016 in Lagos, conspired to commit a felony, to wit: stealing by dishonestly converting the total sum of Twenty Billion Naira (N20,000,000,000), Property of Asset Management Corporation of Nigeria through Heritage bank Limited to the use of SIGMA GOLF NIGERIA LIMITED for the acquisition of Keystone Bank Limited.

The offence of Conspiracy to Steal is said to be contrary to Section 411 and punishable under Section 280 of the Criminal Law of Lagos State 2015.

In count 2, Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Limited sometime in 2016 in Lagos, allegedly dishonestly converted the total sum

Twenty Billion Naira (₦20,000,000,000) Property of Asset Management Corporation of Nigeria through Heritage Bank Limited to the use of Sigma Golf Nigeria Limited for the acquisition of Keystone Bank Limited.

The offence of stealing is contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State 2011.

In Count 3, Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large) and Sigma.

Golf Nigeria Limited on the 17 of November 2016 in Lagos, allegedly transferred the aggregate sum of Ten Billion Naira (N10,000,000,000) derived directly from an illegal act to wit: stealing to conceal the illegal origin of the said sum and to evade the legal consequences of their action.

The offence of transfer of property derived from an illegal act to conceal the illegal origin and evade the legal consequences is contrary to Section 332(1) of the Criminal Law of Lagos 2011 and punishable under Section 332(3) of the same act.

In Count 4, Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Limited on the 23rd of November, 2016 in Lagos, allegedly transferred the aggregate sum of Ten Billion Naira (N10,000,000,000) derived directly from an illegal act to wit: stealing to conceal the illegal origin of the said sum and to evade the legal consequences of their action.

In count 5, Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large) and Sigma Golf Nigeria Limited on 17th November 2016 in Lagos, allegedly dishonestly converted to the use of Sigma Golf Nigeria Limited the total sum of Ten Billion Naira (N10,000, 000,000) Property of Asset Management Corporation of Nigeria through Heritage bank Limited to the use of Sigma Golf Nigeria Limited for the acquisition of Keystone Bank Limited.

In count 6, Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Limited on 23rd November 2016 in Lagos, allegedly dishonestly converted to the use of Sigma Golf Nigeria Limited the total sumof Ten Billion Naira (N10,000,000,000 ) Property of Asset Management Corporation of Nigeria through Heritage bank Limited to the use of Sigma Golf Nigeria Limited for the acquisition of Keystone Bank Limited.

The charge dated Oct. 24th was signed by Rotimi Oyedepo (SAN) leading Abba Mohammad (SAN), Bilkisu Buhari-Bala, and 6 others.