Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), has been granted ₦50 million bail by the Special Offences Court in Ikeja, Lagos.

He is facing charges related to the alleged misappropriation of ₦20 billion in AMCON funds.

The case also involves Sigma Golf Nigeria Limited, a company accused of benefiting from the misused funds. During the hearing, the company’s Chairman, Umaru Modibbo, pleaded guilty to charges of conspiracy, theft, and illegal transfer of property.

As part of a plea bargain with the Economic and Financial Crimes Commission (EFCC), the court ordered the dissolution of Sigma Golf Nigeria Limited and the forfeiture of its 6.25 billion shares in Keystone Bank to the Nigerian government.

While Modibbo admitted guilt on behalf of Sigma Golf, Ahmed Kuru maintained his innocence. The court accepted the plea bargain agreement after confirming it was made voluntarily.

The court judgment read: “That upon the conviction of Sigma Golf Nigeria Ltd, all its rights, title and interest in the one (1) unit of the Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo, the current Chairman of the company, shall forthwith also be forfeited to the Federal Government of Nigeria represented by the Economic and Financial Crimes Commission (EFCC).

“That in respect of the facts and circumstances of the instant case, the Complainant, the Federal Republic of Nigeria, agrees not to pursue criminal charges both now and in the future against Alhaji Umaru Hamidu Modibbo.

“That Sigma Golf Nigeria Limited and its Chairman, Alhaji Umaru Haridu Modibbo, agree to fully cooperate with the Prosecution in any ongoing or future investigations related to this matter, including providing truthful testimony as required.”

Following the ruling, the court considered Kuru’s bail application. Justice Rahman Oshodi noted that the offence carries a potential seven-year prison sentence but is eligible for bail.

Since the EFCC did not oppose the request, the court granted Kuru bail with conditions:

• ₦50 million bail amount
• Two sureties who must submit an affidavit of means
• Sureties must provide proof of tax payments for the last three years
• EFCC to notify the Nigeria Immigration Service about the seizure of Kuru’s passport

Until the bail conditions are fully met, Kuru has been temporarily released to his lawyer, Olasupo Shasore (SAN).

The court has scheduled further hearings for March 7, April 16, and April 17, when Kuru’s trial will officially begin.