A Federal High Court sitting in Lagos has ordered that Keystone Bank Nigeria Limited be forfeited to the Nigerian government.
The court delivers the verdict in a ruling on Tuesday, February 11, DAILY GIST reports.
It ordered the forfeiture of 6.3billion units of ordinary shares of Keystone Bank Limited, valued at N1 each, to the federal government.
The order came after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
The company was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, was indicted after entering a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
The order came after Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, pleaded guilty to the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON) funds.
The company was arraigned alongside a former Managing Director of AMCON, Ahmed Kuru, was indicted after entering a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).
However, Kuru, the first defendant in the case, pleaded not guilty to the charges.
The EFCC 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 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.
Keystone Bank is a full service commercial bank owned by Sigma Golf River Bank Consortium after being acquired from the Asset Management Corporation of Nigeria (AMCON) in 2017.
It was granted banking license on August 5, 2011, by the Central Bank of Nigeria (CBN).
