Alleged N20bn fraud: Court announces date for Kuru, Modibbo’s arraignment

A Lagos High Court in Ikeja has set February 11, 2025, as the date for the arraignment of the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, over fresh charges related to the alleged misappropriation of N20 billion in AMCON funds.

The Economic and Financial Crimes Commission (EFCC) filed a six-count charge against Kuru, accusing him of channeling the funds through Heritage Bank to benefit Sigma Golf Nigeria Ltd, a company allegedly involved in acquiring Keystone Bank.

Kuru is expected to appear alongside co-defendants Umaru Modibbo, Chairman of Keystone Bank, and Sigma Golf Nigeria Ltd. Another individual named in the case, Ifie Sekibo, remains at large.

The arraignment will take place before Justice Rahman Oshodi.

Defence Requests Suspension of Arrest Warrant

Kuru’s legal counsel, Olasupo Shasore (SAN), has written to EFCC Chairman Ola Olukoyede, urging the agency to halt the execution of a bench warrant issued against Kuru. The warrant followed his failure to appear in court on December 3, 2024, to face separate charges involving ₦76 billion and property allegedly belonging to Arik Air.

In the letter, dated December 3 and obtained by Channels Television, Shasore pledged to ensure Kuru’s appearance before Justice Mojisola Dada on January 20, 2025, for arraignment on those charges.

Details of the Charges

The fresh charges alleged that Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd conspired in 2016 to unlawfully convert ₦20 billion belonging to AMCON through Heritage Bank for the acquisition of Keystone Bank.

The allegations are detailed across six counts:

Count 1 accuses the defendants of conspiracy to commit theft, an offense under Section 411 of the Lagos State Criminal Law of 2015.

Count 2 claims the sum of ₦20 billion was dishonestly converted for Sigma Golf Nigeria Ltd, in violation of Section 280 of the Lagos State Criminal Law of 2011.

Counts 3 and 4 allege the transfer of ₦10 billion each, derived from illegal activities, to conceal its origin and evade legal consequences. These acts contravene Section 332(1) of the Lagos State Criminal Law of 2011.

Counts 5 and 6 focus on the dishonest conversion of ₦10 billion each for Sigma Golf Nigeria Ltd on two separate occasions in November 2016.

The charges, dated October 24, were signed by Rotimi Oyedepo (SAN), alongside Abba Mohammad (SAN), Bilkisu Buhari-Bala, and others.