FG DROPS N60BN FRAUD CASE AGAINST EX-AMCON BOSS, AHMED KURU

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By: Sefiu Ajape

Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court in Ikeja has struck out a 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 case was formally discontinued through a notice of withdrawal dated July 24, 2025, filed by the Director of Public Prosecutions of the Federation, M.B. Abubakar.

The Economic and Financial Crimes Commission (EFCC) had arraigned Kuru on February 11, 2025, on six amended counts marked ID/24960C/2024, including conspiracy, stealing, and unlawful transfer of property. Kuru pleaded not guilty to the charges.

He was arraigned alongside Sigma Golf Nigeria Limited, which pleaded guilty under a plea bargain agreement with the EFCC. As a result, the court convicted the company and ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited — each valued at N1 — to the Federal Government.

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The forfeiture followed Sigma Golf’s admission to fraudulently converting N20 billion belonging to AMCON. According to the EFCC, the funds were allegedly funneled through Heritage Bank to facilitate Sigma Golf’s acquisition of Keystone Bank.

The commission stated that the offences violated Section 332(1) of the Criminal Law of Lagos State, 2011, and were punishable under Section 332(3).

Although the case was scheduled for trial, no proceedings took place before the prosecution moved to withdraw the charges.

At Monday’s hearing, prosecuting counsel V.J. Alma asked the court to formally discharge Kuru in light of the withdrawal. Defence counsel, Olasupo Shasore (SAN), supported the application and requested that Kuru’s sureties be released and his bond discharged.

In his ruling, Justice Oshodi granted the application, affirming the prosecution’s right to withdraw charges at any point during proceedings.

“It is well established in criminal jurisprudence,” the judge said, “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. His travel documents were ordered to be returned.

“In the circumstances,” Justice Oshodi concluded, “this matter is hereby struck out.”