Ifie Sekibo, Nigerian banker on the run over ‘N20bn’ AMCON fraud
Ifiesimama Ifie Sekibo, a former founder of defunct Heritage Bank, is currently at large over alleged N20 billion fraud.
Sekibo’s name was mentioned in the criminal trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and the Chairman of Sigma Golf Nigeria Ltd and ex-chairman of Keystone Bank, Umaru Hamidu Modibbo.
A new six-count charge filed by the Economic and Financial Crimes Commission (EFCC) alleges that AMCON funds were misappropriated through Heritage Bank for the use of Sigmaa Golf Nigeria Ltd to acquire Keystone Bank.
Sekibo, who was the CEO of Heritage Bank until his retirement in 2022, was allegedly involved in the case. At the time, Kuru was also the MD of AMCON. Kuru had been first appointed by President Muhammadu Buhari in 2015 for a five-year term and was reappointed in 2020.
During the arraignment of Kuru and Modibbo before Justice Rahman Oshodi of the Lagos High Court on February 11, 2025, the EFCC revealed that Sekibo, who is also involved in the case, was currently at large.
The EFCC, under the leadership of Olanipekun Olukoyede, also accused Sekibo (Ifiesimama Ifie Sekibo), along with Kuru and Modibbo, of dishonestly converting N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Ltd. Additionally, they were accused of transferring another N20 billion, allegedly stolen, to conceal its source, violating Section 332(1) of the Criminal Law of Lagos 2011.
The six-count charge filed against the defendants includes the following:
Count 1: Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd are alleged to have conspired in 2016 in Lagos to commit a felony by dishonestly converting N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Ltd’s acquisition of Keystone Bank.
The offence of conspiracy to steal is said to violate Section 411 and is punishable under Section 280 of the Criminal Law of Lagos State 2015.
Count 2: Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd allegedly dishonestly converted N20 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Ltd’s use in acquiring Keystone Bank in 2016.
The offence of stealing is said to violate Section 280 and is punishable under Section 287 of the Criminal Law of Lagos State 2011.
Count 3: Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd are accused of transferring N10 billion on November 17, 2016, in Lagos, which was derived from an illegal act (stealing), to conceal its illegal origin and evade legal consequences.
This offence is contrary to Section 332(1) of the Criminal Law of Lagos 2011 and punishable under Section 332(3) of the same law.
Count 4: On November 23, 2016, Kuru, Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Ltd allegedly transferred another N10 billion, also derived from stealing, with the intent to conceal its illegal origin and evade legal consequences.
Count 5: Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd are accused of dishonestly converting N10 billion of AMCON’s property through Heritage Bank for Sigma Golf Nigeria Ltd’s use in acquiring Keystone Bank on November 17, 2016.
Count 6: Similarly, on November 23, 2016, Kuru, Modibbo, Sekibo (at large), and Sigma Golf Nigeria Ltd allegedly dishonestly converted another N10 billion of AMCON’s property through Heritage Bank for the same purpose.
The charge, dated October 24, was signed by Rotimi Oyedepo (SAN), who led a team of lawyers including Abba Mohammad (SAN), Bilkisu Buhari-Bala, and six others.
