A Lagos State Special Offences Court has ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited 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.
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Mr Modibbo, the founder of Sigma Pensions Nigeria Ltd, was arraigned alongside former Asset Management Corporation of Nigeria Managing Director Ahmed Kuru on counts of conspiracy, stealing, and illegal property transfer. Following the guilty plea, EFCC’s lead prosecutor, Rotimi Oyedepo, who is a Senior Advocate of Nigeria , urged the court to adopt the plea bargain terms as judgement.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.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.
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.filed The indictment also alleged Illegal transfer of N10 billion to conceal its source, and fraudulently acquiring Keystone Bank with public funds.
COURT DECISION FINANCE KEYSTONE BANK FORFEITURE ECONOMIC AND FINANCIAL CRIMES COMMISSION
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