Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out a ₦60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, following the Federal Government’s decision to withdraw the charges.
The notice of discontinuance, dated July 24, 2025, was filed by the Director of Public Prosecutions of the Federation, M.B. Abubakar.
The Economic and Financial Crimes Commission (EFCC) had on February 11, 2025, arraigned Kuru on six amended counts bordering on conspiracy, stealing, and transfer of property derived from an illegal act. He pleaded not guilty to all charges.
Kuru was charged alongside Sigma Golf Nigeria Limited, which, during arraignment, entered a guilty plea as part of a plea bargain with the EFCC and was subsequently convicted.
Following the conviction, Justice Oshodi ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited — valued at ₦1 each — to the Federal Government. This forfeiture stemmed from Sigma Golf’s admission to fraudulently converting ₦20 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. Kuru, along with the former Managing Director of Heritage Bank, Ifie Sekibo (now at large), was accused of dishonestly converting ₦20 billion of AMCON funds and transferring another ₦20 billion derived from theft to conceal its source — offences contrary to Section 332(1) of the Criminal Law of Lagos State, 2011, and punishable under Section 332(3).
Although the matter was slated for trial, proceedings never commenced before the prosecution sought its withdrawal.
At Monday’s hearing, prosecution counsel V.J. Alma urged the court to discharge the defendant in light of the charges being dropped. Defence counsel, Olasupo Shasore (SAN), supported the application and further requested the release of Kuru’s sureties and the discharge of the bond.
Justice Oshodi, in his ruling, affirmed the prosecution’s right to withdraw charges at any stage of proceedings.
“It is well established in criminal jurisprudence that the prosecution possesses the prerogative to withdraw from the prosecution of any matter at any stage of the proceedings,” the judge said.
Consequently, the court discharged Kuru 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 his sureties, the lifting of the Nigerian Immigration Service restriction on his passport, and the return of his travel documents.
“In the circumstances, this matter is hereby struck out,” Justice Oshodi declared.
