Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out the N60 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.
Kuru had been arraigned by the Economic and Financial Crimes Commission (EFCC) on February 11, 2025, on six amended counts (ID/24960C/2024) involving conspiracy, stealing, and the illegal transfer of property. He pleaded not guilty.
He was charged alongside Sigma Golf Nigeria Limited, which pleaded guilty on the day of arraignment under a plea bargain agreement and was subsequently convicted. As a result, Justice Oshodi ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank—valued at N1 each—to the Federal Government.
The forfeiture stemmed from Sigma Golf’s admission of fraudulently converting N20 billion belonging to AMCON. The EFCC alleged that the funds were channelled through Heritage Bank to facilitate the acquisition of Keystone Bank.
Additionally, Kuru and the former Managing Director of Heritage Bank, Ifie Sekibo (currently at large), were accused of dishonestly converting N20 billion of AMCON funds and transferring another N20 billion to conceal its illicit origin. These offences, according to the EFCC, contravened Section 332(1) of the Criminal Law of Lagos State, 2011, and are punishable under Section 332(3).
Although the case was scheduled for trial, proceedings never commenced before the prosecution moved to terminate the matter.
At the hearing on Monday, prosecuting counsel V.J. Alma applied for the defendant’s discharge, citing the withdrawal of charges. Defence counsel, Olasupo Shasore (SAN), supported the application and requested the release of Kuru’s sureties and the discharge of the bond.
In his ruling, Justice Oshodi affirmed the prosecution’s right to withdraw charges at any stage of proceedings.
“It is well established in criminal jurisprudence,” the judge noted, “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 court also ordered the discharge of the bond, release of sureties, and the lifting of travel restrictions previously imposed on Kuru by the Nigerian Immigration Service. His travel documents were ordered to be returned.
“In the circumstances,” Justice Oshodi concluded, “this matter is hereby struck out.”
