EFCC to arraign Former Heritage Bank CEO, AMCON Ex-MD over alleged ₦20bn fraud

The Economic and Financial Crimes Commission (EFCC) will on February 11, 2025, arraign Ifie Sekibo, former Chief Executive Officer of the defunct Heritage Bank, and Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), over the alleged fraudulent conversion of ₦20 billion in AMCON funds.

The arraignment will also involve Umaru Hamidu Modibbo, former Chairman of Keystone Bank, and Sigma Golf Nigeria Ltd. The case will be heard before Justice Rahman Oshodi at the Lagos High Court in Ikeja.

According to the six-count charge filed by the EFCC, the defendants allegedly diverted AMCON funds through Heritage Bank for the acquisition of Keystone Bank. In the charges, it is alleged that in 2016, the defendants conspired to dishonestly convert ₦20 billion belonging to AMCON to the use of Sigma Golf Nigeria Ltd, an offence contrary to Section 411 and punishable under Section 280 of the Criminal Law of Lagos State, 2015.

Further allegations include the illegal transfer of ₦10 billion each on November 17 and November 23, 2016, to conceal the origin of the funds and evade legal consequences, an act contrary to Section 332(1) of the Criminal Law of Lagos State, 2011.

The charge, dated October 24, 2024, was signed by EFCC counsel Rotimi Oyedepo (SAN), Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others. The defendants are accused of using the funds to facilitate Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.