Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out a 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 formally communicated by the Director of Public Prosecutions of the Federation, M.B. Abubakar, through a notice of discontinuance dated July 24, 2025.
Kuru was initially arraigned on February 11, 2025, by the Economic and Financial Crimes Commission (EFCC) on six amended counts involving conspiracy, stealing, and unlawful transfer of property. He had pleaded not guilty to all charges.
He faced trial alongside Sigma Golf Nigeria Limited. On arraignment day, Sigma Golf entered a guilty plea through a plea bargain agreement with the EFCC and was subsequently convicted.
Following Sigma Golf’s conviction, Justice Oshodi ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited valued at N1 each to the Federal Government. The shares were tied to Sigma Golf’s admission of fraudulently converting N20 billion belonging to AMCON.
The EFCC alleged that the diverted funds were funneled through Heritage Bank to facilitate Sigma Golf’s acquisition of Keystone Bank. The commission further accused Kuru and the then Managing Director of Heritage Bank, Ifie Sekibo (currently at large), of dishonestly converting N20 billion of AMCON funds and transferring another N20 billion from stolen proceeds to conceal their origin.
These offences were said to violate Section 332(1) of the Criminal Law of Lagos State, 2011, and are punishable under Section 332(3).
Although the case was set for trial, no proceedings commenced before the prosecution opted to terminate the matter.
At Monday’s hearing, prosecution counsel V.J. Alma moved to discharge Kuru following the withdrawal of charges. Defence counsel, Senior Advocate of Nigeria Olasupo Shasore, supported the motion and requested the release of Kuru’s sureties and the discharge of his bond.
In his ruling, Justice Oshodi affirmed the prosecution’s right to withdraw charges at any stage, stating:
“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 Kuru’s bond, the release of his sureties, and lifted the Nigerian Immigration Service restriction on his passport, mandating the return of his travel documents.
Justice Oshodi concluded:
“In the circumstances, this matter is hereby struck out.”
