The Lagos State Special Offences Court in Ikeja has ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the federal government.

The ruling, delivered by trial judge Rahman Oshodi was part of a plea bargain agreement between the Economic and Financial Crimes Commission (EFCC) and Sigma Golf Nigeria Limited, following the company’s guilty plea through its chairman, Umaru Modibbo.

The court also convicted and wound up Sigma Golf Nigeria Limited, forfeiting its 6.25 billion units of Keystone Bank shares to the federal government.

Mr Modibbo, the founder of Sigma Pensions Nigeria Ltd, was arraigned alongside former Asset Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru on counts of conspiracy, stealing, and illegal property transfer.

EFCC said in a statement by its spokesperson, Dele Oyewale, on Tuesday, that N20 billion in AMCON funds was illicitly channelled through Heritage Bank to finance Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.

While Mr Kuru pleaded not guilty, Sigma Golf Nigeria Ltd admitted guilt, leading to the company’s conviction and liquidation.

Following the guilty plea, EFCC’s lead prosecutor, Rotimi Oyedepo, who is a Senior Advocate of Nigeria (SAN), urged the court to adopt the plea bargain terms as judgement.

Mr Oshodi, who was satisfied that the agreement was voluntary and served justice, upheld it.

Bail
In another development, the court then considered Mr Kuru’s bail application, noting that the offence carries a seven-year jail term but is bailable.

Mr Kuru’s lawyer, Olasupo Shasore, also a SAN, applied for bail, arguing that his client should be granted bail on self-recognition.

The EFCC did not oppose the request but insisted on stringent conditions to ensure Mr Kuru’s court attendance.

Mr Oshodi granted him bail in the sum of N50 million with two sureties who must be gainfully employed, swear to an affidavit of means, and show evidence of tax payment for the last three years.

The judge also ordered the EFCC to notify the Nigeria Immigration Service of Mr Kuru’s travel restrictions and temporarily released him to his lawyer pending the perfection of his bail conditions.

The case was adjourned till 7 March, 16 and 17 April for continuation of trial.

Background
Mr Kuru has been under EFCC investigation for alleged financial crimes.

In December, the Ikeja Special Offences Court issued an arrest warrant after he failed to appear for trial in a separate case involving the alleged fraudulent conversion of N76 billion and $31.5 million belonging to Arik Air.

A fresh six-count charge filed by the EFCC alleges that Mr Kuru and his co-defendants—Modibbo, Sigma Golf Nigeria Ltd, and the fugitive Ifie Sekibo—conspired to steal N20 billion from AMCON for the acquisition of Keystone Bank.

The charges, signed by EFCC prosecutors Messrs Oyedepo, Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others, include stealing N20 billion allegedly diverted through Heritage Bank.

The indictment also alleged Illegal transfer of N10 billion to conceal its source, and fraudulently acquiring Keystone Bank with public funds.

He was charged with conspiracy to steal and money laundering under Sections 411, 280, and 287 of Lagos State’s Criminal Law (2011 & 2015).

If convicted, Mr Kuru faces up to seven years in prison under Lagos State’s criminal laws.

He pleaded not guilty to all the charges.

Top officials in the federal civil service have commenced intensive lobby as the federal government shops for new Accountant-General of the Federation, AGF, as well as two federal permanent secretaries.

A statement by Eno Olotu, Director, Information and Public Relations in Office of the Head of the Civil Service of the Federation, OHCSF, on Monday said the two vacant positions of permanent secretary arise from the recent retirement of the permanent secretary from Oyo State and an impending vacancy in the North-West Geopolitical Zone.

Olotu added that the position of the Accountant-General of the Federation will become vacant upon the retirement of the incumbent in March 2025.

She said that to ensure the appointment of only qualified, credible, and competent individuals, the appointment process will follow a structured and multi-tiered evaluation, as approved by the President as a measure of reaffirming its commitment to a transparent, merit-driven, and rigorous selection process.

President Tinubu in December last year, in what appears as a policy reversal, directed the outgoing Accountant General of the Federation (AGF), Dr. Oluwatoyin Sakirat Madein to continue in office till 7 March 2025.

This followed the controversy that trailed the announcement of Mr Shamseldeen Babatunde Ogunjimi as the new AGF by President Bola Tinubu.

Our correspondent had also reported that there was tension in the office of the Accountant General of the Federation(OAGF) Abuja, following the appointment of Mr Ogunjimi as the new acting AGF by the President.

Ogunjimi’s appointment was announced by Presidential Spokesman Bayo Onanuga in a statement on Tuesday, December 10th, 2024, as a result of the pre-retirement leave of the incumbent AGF, Dr. Madein which commenced on December 7th.

However, in a letter from the Office of the Head of the Civil Service of the Federation (OHCSF), Mrs Madein was asked to reverse her pre-retirement leave notice and continue in office till March 2025.

However, the Monday night circular said that the appointment process is open to all serving Grade Level 17 officers in the mainstream Federal Civil Service who have held their current position for at least two years and have expressed interest in participating.

Candidates must meet several eligibility criteria, including screening and confirmation by their respective permanent secretaries and the Accountant-General of the Federation to ensure they are not under any disciplinary procedures.

The circular said that the list of eligible candidates will undergo verification screening by a Committee of Permanent Secretaries, under observation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Department of State Services (DSS), to ensure eligibility.

The candidates will also undertake an asset declaration with the Code of Conduct Bureau (CCB).

To further ensure the selection of individuals with impeccable ethical standing, candidates will undergo anti-corruption clearance by the DSS, the Economic and Financial Crimes Commission (EFCC), and the ICPC.

“The process will include a written examination conducted at a top Federal Government security agency.

“The setting of the examination questions and marking will be overseen by a body of serving and retired permanent secretaries, with observers from credible civil society organizations, the organized private sector, professional associations, DSS, and ICPC.

“In the subsequent phase of the selection process, candidates will be tested for ICT proficiency in Microsoft Word, Excel, and PowerPoint. ICPC and DSS will also observe this stage.

“The final appointment will rest with the President of the Federal Republic of Nigeria, who will consider the best-performing candidates based on their performance throughout the selection process,” the circular reads in parts

Access Bank’s top executives reportedly avoided arrest on Wednesday, February 5, when security agencies attempted to execute a court-ordered bench warrant at the bank’s headquarters in connection with an alleged unauthorized use of collateral property.

According to emerging reports monitored by Society Reporters, the bank’s Legal Officer informed law enforcement that CEO Bolaji Agbede, MD Roosevelt Ogbonna, and the Company Secretary were unavailable during the February 5th operation.

Video footage has surfaced showing the interaction between bank officials and prosecutors. The Legal Officers later accompanied police to Alagbon station, where they reportedly promised the defendants would appear at the next hearing scheduled for February 24th, 2025.

The controversy centres around a N 333 million loan granted by then-Diamond Bank (now Access Bank) to Balmoral International Limited and its managing director, Adejare Adegbenro. MOB Integrated Services Limited had allegedly provided their Bourdillon Road property in Ikoyi as collateral for this loan. However, Access Bank is accused of subsequently using the same property as collateral for an unrelated N1 billion facility without MOB Integrated Services’ knowledge or consent.

The bench warrant was issued after bank officials failed to appear for their January 20th arraignment. This latest development adds another layer to the complex legal battle over the alleged misuse of collateral in loan agreements worth over N1.3 billion.