ENUGU, Nigeria (VOICE OF NAIJA)- The Lagos High Court sitting in Ikeja has scheduled February 11, 2025, for the arraignment of Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and others on fresh charges of alleged fraudulent conversion of N20 billion in AMCON funds.
The Economic and Financial Crimes Commission (EFCC) filed a six-count charge against Kuru, the Chairman of Keystone Bank, Umaru Hamidu Modibbo, and Sigma Golf Nigeria Limited.
The charges allege the diversion of AMCON funds through Heritage Bank for the acquisition of Keystone Bank.
Channels Television reports that another individual named in the case, Ifie Sekibo, is reportedly at large.
Kuru had previously failed to appear for an arraignment on December 3, 2024, concerning a separate N76 billion fraud case involving Arik Air’s assets.
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This prompted the court to issue a bench warrant for his arrest.
In response, Kuru’s lawyer, Olasupo Shasore (SAN), wrote to EFCC Chairman Ola Olukoyede, requesting a suspension of the warrant and pledging that Kuru would appear for arraignment on January 20, 2025, before Justice Mojisola Dada.
According to the EFCC, the new charges involve conspiracy, theft, and money laundering: Count 1:Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Limited are accused of conspiring to steal N20 billion from AMCON through Heritage Bank for the acquisition of Keystone Bank in 2016.
Violation: Section 411 of the Criminal Law of Lagos State, 2015. The defendants allegedly converted the N20 billion for Sigma Golf Nigeria Limited’s acquisition of Violation: Sections 280 and 287 of the Criminal Law of Lagos State, 2011. Allegations of transferring N10 billion (on November 17 and November 23, 2016) to conceal its illegal origins and evade legal consequences. Accusations of dishonestly converting N10 billion on two occasions in November 2016 for Sigma Golf Nigeria Limited’s use.
The charges, dated October 24, 2024, were signed by senior EFCC prosecutors Rotimi Oyedepo (SAN), Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others.
The arraignment promises to be a high-profile legal battle as the EFCC seeks to hold the accused accountable for what it calls gross financial mismanagement and abuse of office.