Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out the N60bn fraud case against former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, after the Federal Government withdrew the charges.
The withdrawal, filed by the Director of Public Prosecutions of the Federation, M.B. Abubakar, on July 24, 2025, ended proceedings that never went to trial after Kuru’s February arraignment on six counts of conspiracy, stealing, and transfer of property derived from an illegal act.
Kuru was charged alongside Sigma Golf Nigeria Limited, which had earlier pleaded guilty in a plea bargain with the EFCC. Justice Oshodi then ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank — tied to Sigma Golf’s fraudulent conversion of N20bn AMCON funds — to the Federal Government.
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Prosecutors had alleged that the diverted funds were channelled through Heritage Bank to benefit Sigma Golf’s acquisition of Keystone Bank, with Kuru and then-Heritage Bank MD Ifie Sekibo (now at large) accused of concealing another N20bn.
At Monday’s hearing, EFCC counsel V.J. Alma applied for the charges to be discontinued. Defence counsel Olasupo Shasore (SAN) did not oppose the request and sought the release of Kuru’s sureties and bond.
Justice Oshodi upheld the prosecution’s right to withdraw at any stage, discharging Kuru under the Administration of Criminal Justice laws and ordering the release of his sureties, the return of his passport, and the lifting of travel restrictions.
