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Alleged N20b Fraud: Court Convicts Ahmed Kuru’s Co-defendant

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Sigma Golf Nigeria Limited, a co-defendant in the trial of Ahmed Kuru, former Managing Director, Asset Management Corporation of Nigeria, (AMCON) was on Tuesday, February 11, 2025 convicted and sentenced for fraud by Justice R.A. Oshodi of Special Offences Court, sitting in Ikeja, Lagos.

Kuru, the first defendant is facing prosecution by the Economic and Financial Crimes Commission, EFCC, alongside
Sigma Golf Nigeria Limited on amended six-count charge, bordering on conspiracy, stealing, dishonesty and criminal conversion to the tune of N20 billion.
At today’s proceeding, prosecution counsel, Rotimi Oyedepo SAN informed the court that the reason for the amendment of the charge had to do with Sigma Golf Nigeria Limited,
represented by Umaru Hamidu Modibbo.

Count one reads: “Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large) and Sigma Golf Nigeria Limited sometime in 2016 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit felony, to with: stealing by dishonestly converting the total sum of Twenty Billion Naira (N20,000,000,000) property of Asset Management Corporation of Nigeria through Heritage Bank Limited to the use of Sigma Golf Nigeria Limited for the acquisition of Keystone Bank Limited.”

Count three reads: “Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large) and Sigma Golf Nigeria Limited on the 17th of November, 2016 in Lagos, within the jurisdiction of this Honourable Court transferred the aggregate sum of Ten Billion Naira (N10,000,000,000) derived directly from an illegal act to wit: stealing with the aim of concealing the illegal origin of the said sum and to evade the legal consequences of your action.”

Kuru, pleaded “not guilty” when the charges were read to him, while Sigma Golf Nigeria Limited pleaded “guilty.”

Following Sigma Golf Nigeria Limited’s plea, Justice Oshodi declared the company “guilty” as charged and ordered that its liquidation and for all its rights, title and interest in the N6,250,000,000 (Six Billion, Two Hundred and Fifty Million units of the Keystone Bank Limited’s ordinary shares of N1.00 each be forfeited to federal government.

Applying the same sentence on Modibbo, being its alter-ego, the court ordered that “all the rights, title and interest in unit of the Keystone Bank Limited’s ordinary shares allotted to Alhaji Umaru Hamidu Modibbo who represented the company shall be forfeited to the federal government of Nigeria.”

Thereafter, Kuru’s counsel, Olasupo Shasore, SAN, moved a motion for his bail and prayed the court to grant him bail on self-recognition and on liberal terms. While the prosecution did not oppose the bail application, it prayed for tough bail conditions that could make the defendant take court attendance seriously.
“We shall be praying for stringent conditions because we are particular about the attendance in court,” Oyedepo said.

Justice Oshodi granted bail to Kuru in the sum of N50 million with two sureties in like sum who must be gainfully employed and depose to means of identification.
He adjourned till March 7, and April 16, 17, 2025 for commencement of trial.

Visit www.efcc.gov.ng for more stories

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How Yakubu Gowon found himself in the Army

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How Yakubu Gowon decided to enter the Army is quite interesting. Encouraged by his British Principal and Vice-Principal to go military, he was nevertheless torn between a career in the Army and competing options as a teacher, engineer, or physician. So he wrote out the options on little pieces of paper placed them inside a Bible and prayed. Then, with his eyes closed, he opened the Bible and picked one at random. It was the Army.

Throughout his military career he would repeatedly approach issues with a r!fle in one hand and a Bible in the other. Years later he would come to be regarded by most as a model of a “kinder, gentler” soldier. Some have nicknamed him “The Preacher”.

In 1954, after passing an entrance examination, he attended several interviews before being sent to the Regular Officers Cadet School at Teshie in Ghana – along with Patrick Anwuna, Alexander Madiebo, Michael Okwechime and Arthur Unegbe. This was followed by a course at Eton Hall in Chester, UK, followed by formal cadet training at the Royal Military Academy, Sandhurst (RMAS). He was a Cadet Sergeant at the RMAS and was commissioned 2/Lt in December 1956. It was at the RMAS that he acquired the nickname “Jack,” the closest sound to “Yakubu” his British instructors could think of.

The above is part of a piece put lol together by Nowa Omoigui, Nigerian military historian and cardiologist.

Gowon later became Head of State and had one of the most troubling dispensation in the history of Nigeria. He was removed from office in 1975 by Murtala Muhammed.

On how he survived immediately after his removal from office, he said in an interview:

“I can say with absolute authority that I may not have anything today, but honestly, at least I have a clear conscience. I thank Idi Amin and (Gnassingbé) Eyadema for the help they gave me to have money to start off with.”

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FLORA NWAPA

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The Imo State born writer and teacher who is largely referred to as the “mother of African Literature”, was the first African woman to publish a novel in English.

Flora belived that African women were unjustly portrayed (in the books of her male counterparts) as people who were doubly malleable, as people who didn’t have even a vestige voice of their own: people who must, for instance, eat fufu not exactly because they wanted to eat fufu but because men insisted that they eat fufu, people who must live in the shadows of men… So she basically did the opposite of this in her books where she gave women prime places, using her pen to unfold to the whole world, in concrete clarity, what she believed ought to be the generally accepted societal ethos.

She celebrated the strength, tenacity and courage of African women, told their success stories in glittering terms, and sang their praises to the stratosphere.

She was born January 13, 92 years ago in Oguta – Imo State, and passed away on October 13, 1993, after enduring a server bout of pneumonia.

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Olorogun Michael Ibru (1930–2016): The Visionary Behind a West African Business Empire

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Michael Ibru was a pioneering Nigerian entrepreneur, philanthropist, and founder of the Ibru Organisation, one of the most influential business groups in West Africa. His life reflects ambition, discipline, and the transformation of opportunity into a diversified empire.

Early Life and Background

Born in 1930, Michael Ibru hailed from Agbarha-Otor, near Ughelli.
He was the eldest of seven children in a prominent family. His mother was the daughter of the wealthy Ovedje Osadjere of Olomu, which placed him within a lineage of both traditional influence and commercial awareness.
Growing up in the Niger Delta region, young Ibru was exposed early to trade, mobility, and the importance of enterprise in coastal and riverine communities.

Education and Formative Years

A defining stage of his early life was his education at Igbobi College Yaba, one of Nigeria’s most prestigious secondary schools at the time.
At Igbobi College, Michael Ibru distinguished himself not only academically but also in leadership, eventually serving as Senior Prefect. This position reflected his discipline, influence, and ability to lead peers—qualities that later shaped his business career.
His time at the institution helped refine his worldview and exposed him to structured education during a period when Nigeria was still under colonial administration.

Early Career and Exposure to Business

After completing his studies, he briefly worked with the United Africa Company (UAC), one of the most powerful trading firms operating in West Africa at the time.
This experience exposed him to:

Large-scale import and export systems

Corporate structure and logistics

Commercial distribution networks

However, rather than remain in salaried employment, he chose the path of entrepreneurship—a decision that would redefine his life and legacy.

The Birth of a Business Empire

In 1956, Michael Ibru founded a frozen fish business.
At the time, frozen food distribution was still relatively new in Nigeria, and Ibru identified a gap in the market: the need for affordable, preserved protein sources in urban centres.
His venture quickly expanded due to:

Strong demand for fish in growing cities

Efficient supply chain management

Strategic importation and distribution systems

This modest beginning became the foundation of what would evolve into the Ibru Organisation.

Expansion into a Conglomerate

Over time, the Ibru Organisation grew into a diversified business empire spanning multiple sectors, including:

Food and seafood processing

Aviation and logistics

Hospitality and real estate

Finance and banking

Oil and marine services

Media and publishing

Agriculture and industrial production

The group became one of the largest family-owned conglomerates in West Africa, with numerous subsidiaries operating across Nigeria and beyond.
Rather than relying on a single industry, Michael Ibru built a multi-sectoral business model, which helped the organisation withstand economic fluctuations and remain competitive for decades.

Leadership Style and Business Philosophy

Michael Ibru was widely regarded as a strategic thinker who believed in:

Identifying unmet market needs

Investing in scalable industries

Building long-term institutional structures

Empowering family-led continuity in business

His leadership approach combined traditional values with modern corporate thinking, allowing the Ibru Organisation to grow into a structured enterprise rather than a short-term venture.

Philanthropy and Social Impact

Beyond commerce, Michael Ibru was deeply committed to philanthropy.
His contributions included:

Support for education and scholarships

Community development initiatives

Investment in youth empowerment

Assistance to local infrastructure and social welfare projects

He believed that business success should translate into societal progress, particularly in education and opportunity creation.

Legacy of the Ibru Organisation

The Ibru Organisation remains one of Nigeria’s most recognised business groups, continuing to operate through various subsidiaries across sectors.
Its legacy is defined by:

Industrial diversification

Private sector growth in post-independence Nigeria

Family-led business continuity

Contribution to West Africa’s economic development

From a young student at Igbobi College Yaba to the founder of a continental business empire, Michael Ibru represents the story of vision, risk-taking, and entrepreneurial excellence.
His journey shows how observation, opportunity, and courage can transform a simple idea—like frozen fish distribution—into a legacy that shaped industries across Africa.

Source

Biographical and historical records on Michael Ibru

Public information on the development of the Ibru Organisation

Educational history of Igbobi College Yaba

Historical context of Nigerian post-colonial entrepreneurship and trade development

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