Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has dismissed a N60 billion fraud case against Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), following the Federal Government’s formal withdrawal of the charges.
The case was dropped following a notice of discontinuance filed on July 24, 2025, by the Director of Public Prosecutions of the Federation, M.B. Abubakar.
The Economic and Financial Crimes Commission (EFCC) had previously arraigned Kuru on February 11, 2025, on an amended six-count charge (ID/24960C/2024) involving conspiracy, stealing, and illegal transfer of property. Kuru pleaded not guilty.
Kuru was charged alongside Sigma Golf Nigeria Limited. At the time of arraignment, Sigma Golf pleaded guilty as part of a plea agreement with the EFCC and was convicted.
Following the conviction, Justice Oshodi ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited—each valued at N1—to the Federal Government. This forfeiture was linked 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 finance Sigma Golf’s acquisition of Keystone Bank. Kuru and the former Managing Director of Heritage Bank, Ifie Sekibo (who is currently at large), were accused of dishonestly converting N20 billion in AMCON funds and transferring an additional N20 billion obtained through theft to conceal its origin.
The commission stated that these actions violated Section 332(1) of the Criminal Law of Lagos State, 2011, and are punishable under Section 332(3).
Although the matter was scheduled for trial, proceedings never began before the prosecution moved to discontinue the case.
At Monday’s hearing, the prosecution’s counsel, V.J. Alma, asked the court to discharge Kuru based on the withdrawal of charges formally. Defence counsel, Olasupo Shasore (SAN), supported the application and also requested the release of Kuru’s sureties and the discharge of the bond.
In his ruling, Justice Oshodi affirmed the prosecution’s legal authority to withdraw charges at any point during proceedings.
