By Abiola Olawale
The Lagos State Special Offences and Domestic Violence Court in Ikeja has struck out a N60 billion fraud case against Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON).
The decision follows the Federal Government’s withdrawal of charges.
Justice Rahman Oshodi presided over the case, struck out the case after the Director of Public Prosecutions of the Federation, M.B. Abubakar, filed a notice of discontinuance on July 24, 2025.
In his ruling, Justice Oshodi upheld the prosecution’s right to withdraw charges at any stage of proceedings.
He ruled: “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.
“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 entered on Kuru’s behalf, the release of his sureties, and the lifting of the Nigerian Immigration Service restriction on his passport.
The Economic and Financial Crimes Commission (EFCC) had initially arraigned Kuru on February 11, 2025, on an amended six-count charge involving allegations of conspiracy, stealing, and illegal property transfer. Kuru consistently pleaded not guilty to the charges.
Kuru was also charged alongside Sigma Golf Nigeria Limited. On the day of arraignment, Sigma Golf entered a guilty plea under a plea bargain with the EFCC and was convicted.
Following the conviction, Justice Oshodi 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 was tied to Sigma Golf’s admission of fraudulently converting N20bn belonging to AMCON.
The EFCC alleged that the diverted funds were channelled through Heritage Bank to benefit Sigma Golf in its acquisition of Keystone Bank.
It also accused Kuru, alongside the former Managing Director of Heritage Bank, Ifie Sekibo (now at large), of dishonestly converting N20bn of AMCON funds and transferring another N20bn derived from theft to conceal its source.
