COURT ORDERS FORFEITURE OF KEYSTONE BANK SHARES TO FG IN N20 BILLION FRAUD CASE

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A Lagos State court has ordered the forfeiture of 6.3 billion Keystone Bank shares to the Federal Government following a guilty plea by Sigma Golf Nigeria Limited in a N20 billion fraud case involving the Asset Management Corporation of Nigeria (AMCON).

On Tuesday, Justice Rahman Oshodi of the Lagos State Special Offences Court ruled that the shares, valued at N1 each, be handed over to the government. This decision follows Sigma Golf Nigeria Limited’s admission of fraudulent conversion of AMCON funds through a plea bargain with the Economic and Financial Crimes Commission (EFCC).

Sigma Golf, represented by Chairman Umaru Hamidu Modibbo, was accused, along with former AMCON Managing Director Ahmed Kuru, of diverting N20 billion of AMCON’s funds through Heritage Bank to acquire Keystone Bank. The court also ordered the forfeiture of shares linked to Modibbo, though he is protected from future criminal charges as part of the plea agreement.

While Sigma Golf accepted the charges, Kuru, who faces similar accusations, pleaded not guilty. The court granted him bail under strict conditions, including the submission of his passport and compliance with tax records.

The case, set for further trial on March 7, marks a significant development in the fight against financial crimes and the recovery of public assets.