An Ikeja Special Offences Court has ordered the Economic and Financial Crimes Commission (EFCC) to provide an investigative report and an e-statement of Keystone Bank with the Central Bank of Nigeria (CBN). Justice Rahman Oshodi issued this order on Tuesday during the ongoing N20 billion fraud trial involving Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON). The judge directed the EFCC to serve both the court and the defence with these documents.

The court emphasized that this ruling is pivotal for the subsequent phase of the trial, ensuring that the defence has comprehensive access to the prosecution’s evidence before further proceedings. Consequently, Justice Oshodi adjourned the case until October 6 for the continuation of these proceedings. This development follows a previous session where the defence counsel, Mr Olasupo Shasore (SAN), had formally applied for the prosecution to furnish the defence with additional proof of evidence.

Ahmed Kuru was arraigned on February 11 alongside Sigma Golf Nig. Ltd. They both faced an amended six-count charge that includes conspiracy to steal, stealing, and the transfer of property derived from stealing, with the alleged aim of concealing the illicit origin of the funds and evading legal consequences.

During the arraignment, Mr. Kuru pleaded not guilty to the charges. In contrast, Sigma Golf Nig. Ltd., represented by its chairman, Hamidu-Modibbo, entered a guilty plea as part of a plea bargain agreement. Following this plea bargain, the court convicted Sigma Golf Nig. Ltd. and ordered the forfeiture of all its rights and interests in a unit of Keystone Bank shares to the Federal Government.

The EFCC stated that the alleged offences were committed by the defendants and other individuals still at large sometime in 2016. According to the commission, the defendants conspired to steal by dishonestly converting N20 billion, which was the property of AMCON. This conversion was allegedly facilitated through Heritage Bank Ltd. and the funds were purportedly used by Sigma Golf for the acquisition of Keystone Bank Ltd.

Furthermore, the EFCC asserted that Sigma Golf and others involved subsequently transferred N10 billion, which was derived directly from the initial stealing. This transfer was allegedly carried out with the intention of concealing the origin of the said sum and evading the legal repercussions of their actions.