The Lagos State Special Offences and Domestic Violence Court in Ikeja has struck out the N60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, after the Federal Government withdrew the charges.
The withdrawal was initiated by the Director of Public Prosecutions of the Federation, M.B. Abubakar, who filed a notice of discontinuance dated July 24, 2025.
Kuru was arraigned by the Economic and Financial Crimes Commission (EFCC) on February 11, 2025, on six amended counts marked ID/24960C/2024, bordering on conspiracy, stealing, and transfer of property derived from illegal acts. He pleaded not guilty.
He was charged alongside Sigma Golf Nigeria Limited, which on arraignment entered a guilty plea under a plea bargain agreement with the EFCC and was convicted. Justice Rahman Oshodi subsequently ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the Federal Government. The forfeiture followed Sigma Golf’s admission to fraudulently converting N20 billion belonging to AMCON.
The EFCC alleged that the diverted funds were channelled through Heritage Bank to facilitate Sigma Golf’s acquisition of Keystone Bank, accusing Kuru and the then-Managing Director of Heritage Bank, Ifie Sekibo (now at large), of dishonestly converting N20 billion of AMCON funds and transferring another N20 billion from theft to conceal its source.
Although the case was scheduled for trial, proceedings never began before the prosecution opted to terminate the matter. At Monday’s hearing, prosecution counsel V.J. Alma urged the court to discharge Kuru in light of the withdrawal. Defence counsel, Olasupo Shasore (SAN), supported the move and requested the release of Kuru’s sureties and the discharge of the bond.
Ruling on the application, Justice Oshodi affirmed the prosecution’s legal right to withdraw charges at any stage.
“It is well established in criminal jurisprudence,” he said, “that the prosecution possesses the prerogative to withdraw from the prosecution of any matter at any stage of the proceedings. Given that withdrawal, the defendant is hereby discharged under Section 73(1)(i) of the Administration of Criminal Justice Law of Lagos State, 2015, and Section 108(2)(a) of the Administration of Criminal Justice Act, 2015”.
The judge also ordered the discharge of the bond, the release of Kuru’s sureties, and the lifting of the Nigerian Immigration Service’s travel restriction on him. His passport and other travel documents are to be returned.
“In the circumstances,” Justice Oshodi concluded, “this matter is hereby struck out.”
