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

Published

2 months ago

February 12, 2025

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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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India’s worst economic slowdown over, but market volatility may persist: Goldman Sachs

Published

6 days ago

March 26, 2025

Ekwutos Blog

Representative Image © Provided by Asian News International (ANI)

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New Delhi [India], March 26 (ANI): The worst phase of India’s economic slowdown and earnings decline is likely over according to the global financial firm Goldman Sachs.

However, it expects market volatility to continue in the near term because of high domestic investment in small- and mid-cap stocks and global uncertainties, particularly from tariffs.

“The worst is likely behind us in terms of economic growth and earnings trajectory, and prices have corrected meaningfully,” it said.

In a recent report, the firm maintained a “MarketWeight” stance on India within the emerging markets (EM) category. It advised investors to focus on stocks with strong earnings visibility and quality growth.

The report highlighted that the NIFTY 50 index has corrected by 10 per cent from its peak in September 2024. This decline was driven by a slowdown in earnings growth due to weaker macroeconomic conditions and a sharp reduction in valuation multiples across sectors.

Analysts noted that earnings per share (EPS) expectations for FY26 have been cut by an average of 7 per cent across the market.

Goldman Sachs attributed the recent economic slowdown to cyclical factors rather than structural weaknesses. It explained that policy measures such as strict credit regulations in late 2023, a cautious monetary approach, tight liquidity due to foreign exchange outflows, and fiscal tightening had contributed to the weaker growth momentum.

The report said “the growth slowdown is cyclical rather than structural, and largely reflects policy tightness — the lagged effects of credit regulation in late 2023, cautious monetary policy and (until recently) tight liquidity amidst FX outflows”

However, the report suggested that some recent policy changes could help the economy recover in the coming months. These include income tax relief announced in the Union Budget and policy rate cuts by the Reserve Bank of India (RBI).

Goldman Sachs’ economists project that India’s real GDP growth could improve to 6.4 per cent in the second half of 2025.

Despite this optimism, the report cautioned that risks remain, particularly from potential U.S. tariffs on Indian goods, which could impact trade and economic growth.

Overall, while the worst phase of the slowdown may be behind, investors should remain cautious about market volatility and external risks affecting India’s economic outlook. (ANI)

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U.S. drops another bombshell for Nigerians overstaying their Visas

Published

1 week ago

March 24, 2025

Ekwutos Blog

U.S. Embassy in Abuja

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24th March, 2025

By Kazeem Ugbodaga

The United States has issued a stern warning to Nigerians overstaying their visas, declaring that violators could face a permanent travel ban and possible criminal prosecution.

In a message released via its official X handle on Monday, the U.S. Mission in Nigeria left no room for doubt, stressing that consular officers have full access to immigration histories and would detect any past visa violations.

“If you overstay your U.S. visa, you could face a permanent ban on traveling to the United States, as well as criminal prosecution,” the statement read.

The Mission further dismissed claims of accidental overstays, stating emphatically, “There is no such thing as an ‘honest mistake’ – it is your responsibility to use your visa correctly.”

This latest warning follows increased scrutiny of immigration violations as U.S. authorities tighten regulations on non-compliant visitors.

With thousands of Nigerians travelling to the U.S. for tourism, business, and education, this development signals severe consequences for those who fail to comply with visa rules.

In recent months, reports have surfaced of Nigerians facing difficulty renewing U.S. visas due to past overstays.

Immigration experts warn that even a short overstay could trigger long-term travel restrictions, making it harder for offenders to secure future entry into America.

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ROMANIA (EUROPE/SHENGHEN) UNSKILLED WORK PERMIT

Published

2 weeks ago

March 20, 2025

Ekwutos Blog

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BENEFITS/ADVANTAGES:

Family can join you after your residence permit is obtained.
Move within the EU countries without visa.
Enjoy quality healthcare
Transit to permanent residence and become a citizen
Free and quality education for all children.
Affordable cost of living.

*AVIALABLE JOBS, RESPONSIBILITIES, AND SALARY AND PERKS:*

*OCCUPATION:*
a. Construction Worker
c. Electrician

*Job Location:* Romania

*Salary (Monthly):* From 850 Euro to 1,200 Euro
*Schedule:* 8-10 hours per day. Five days a week.
*Accommodation:* Provided by the employer.
*Age:* 21 to 45 years
*Duration of Work Permit:* 1 -2 year
*Processing Duration:* 1 to 2 Months

*REQUIRED DOCUMENTS*
a. CV/Resume (Europass format)
b. International passport valid for 1.5 years
c. Police/Criminal Clearance Certificate
d. One passport photographs on white background.
e. Academic credentials/ certificates.

*VISA REQUIREMENTS*
a. International Passport
b. Invitation and Working permit documents from employer
c. International passport valid for 1.5 years
d. Police/Criminal Clearance Certificate
e. Medical Insurance for 1 year
f. Booked Ticket (Reservation only)
g. One passport photographs on white background.
h. Financial documents (Optional)

*NOTE:* Kindly check with the embassy as requirements and visa application procedure varies by nationality of the applicant.

*PAYMENT TERMS AND OPTIONS*

*TOTAL Fee:* €3,600 Three Thousand Six Hundred Euro) with the following breakdown:

*First Instalment:* € 1,500.00 (Five Hundred Euro) advance payment

*Second Instalment:* €1,500.00 (One Thousand Five Hundred Euro) after working permit is approved ready and a copy is scanned and sent to the applicant.