EFCC Files Fresh Charges Against Kuru Over Sale Of Keystone Bank

The Economic and Financial Crimes Commission (EFCC) has filed fresh charges against former Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru and two others over allegations of stealing N20 billion from AMCON to purchase Keystone Bank.

Kuru and the Chairman of Keystone Bank, Umaru Hamidu Modibbo and Sigma Golf Nigeria Limited face a six-count charge against him of conspiracy and stealing before the Lagos State High Court sitting in Ikeja.

The EFCC alleged that the money was converted through Heritage Bank to the use of a company, Sigma Golf Nigeria Ltd, for the acquisition of Keystone Bank.

LEADERSHIP recalls that the anti-graft agency had on December 3 also changed Kuru and four others before Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja over an alleged N76 billion fraud and inducing an unwarranted sale of Arik Air despite the Airline’s performing loans.

Read Also: N76bn: Court Orders Arrest of Former AMCON Boss Ahmed Kuru

Justice Dada ordered the former AMCON boss after he failed to appear before the court for his arraignment.

The new charge is before Justice Rahman Oshodi, who had fixed their arraignment for February 11, 2025.

However, sources close to the anti-graft agency disclosed that the arrangement ought to have taken place but for the lawyers of the defendants who are trying to push the arraignment till 2025.

Meanwhile, Kuru’s lawyer, Olasupo Shasore, a former Attorney General and Commissioner for Justice, Lagos State, urging EFCC chairman Ola Olukoyede to suspend the enforcement of the bench warrant issued by Justice Dada on Tuesday, undertaking to produce him in court in the next adjourned date.

In the first count of the new charges, Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd are accused of conspiring to commit a felony by dishonestly converting the total sum of N20 billion, property of AMCON, through Heritage Bank for the use of Sigma Golf Nigeria Ltd in the acquisition of Keystone Bank Limited. The offense of conspiracy to steal is contrary to Section 411 and punishable under Section 280 of the Criminal Law of Lagos State 2015.

In the second count, Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd are alleged to have dishonestly converted N20 billion, the property of AMCON, through Heritage Bank for the use of Sigma Golf Nigeria Ltd in the acquisition of Keystone Bank. This offense is also contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State 2011.

The third count states that Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd, on November 17, 2016, allegedly transferred N10 billion derived from an illegal act (stealing) with the intent to conceal its illegal origin and evade legal consequences. The offense involves the transfer of property derived from an illegal act and is contrary to Section 332(1) of the Criminal Law of Lagos 2011, punishable under Section 332(3) of the same act.

In the fourth count, on November 23, 2016, Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd are accused of transferring another N10 billion, also derived from stealing, with the same intent to conceal its origin and evade consequences.

In counts five and six, Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd are charged with dishonestly converting to the use of Sigma Golf Nigeria Ltd a total of N10 billion on both November 17 and November 23, 2016, respectively, property of AMCON through Heritage Bank for the acquisition of Keystone Bank.

The charge, dated October 24, was signed by Senior Advocate of Nigeria Rotimi Oyedepo, leading a team that includes Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others.