Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out the ₦60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, following the Federal Government’s withdrawal of charges.
The Director of Public Prosecutions of the Federation, M.B. Abubakar, filed a notice of discontinuance dated July 24, 2025, bringing the case to an end.
Kuru was arraigned by the Economic and Financial Crimes Commission (EFCC) on February 11, 2025, alongside Sigma Golf Nigeria Limited, on six amended counts of conspiracy, stealing, and transfer of property derived from illegal acts. While Kuru pleaded not guilty, Sigma Golf entered a guilty plea as part of a plea bargain and was convicted.
Following the conviction, Justice Oshodi ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank, valued at ₦1 each, to the Federal Government. The shares were linked to Sigma Golf’s admission of converting ₦20 billion belonging to AMCON. The EFCC alleged that the funds were diverted through Heritage Bank to facilitate Sigma Golf’s acquisition of Keystone Bank.
Kuru and former Heritage Bank MD, Ifie Sekibo (now at large), were also accused of dishonestly converting another ₦20 billion from AMCON and concealing its source. Although the case was set for trial, proceedings never commenced before the prosecution sought to terminate it.
At Monday’s hearing, prosecution counsel V.J. Alma applied for Kuru’s discharge, a request supported by his lawyer, Olasupo Shasore (SAN), who also asked for the release of his sureties and bond.
In his ruling, Justice Oshodi affirmed the prosecution’s right to withdraw charges at any stage of proceedings, citing 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 ordered the release of Kuru’s sureties, discharge of the bond, lifting of the Nigerian Immigration Service travel restriction, and return of his passport.
“In the circumstances, this matter is hereby struck out,” Justice Oshodi declared.
