The Lagos State Special Offences and Domestic Violence Court in Ikeja has struck out a N60 billion fraud case against Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON). The decision follows the Federal Government’s withdrawal of charges, filed by the Director of Public Prosecutions of the Federation, M.B. Abubakar, on July 24, 2025.
The Economic and Financial Crimes Commission (EFCC) had arraigned Kuru on six counts bordering on conspiracy, stealing, and transfer of property derived from an illegal act. Kuru pleaded not guilty to the charges. His co-defendant, Sigma Golf Nigeria Limited, entered a guilty plea pursuant to a plea bargain with the EFCC and was subsequently convicted. As a result, Justice Rahman Oshodi ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the Federal Government.
The EFCC alleged that Kuru dishonestly converted N20 billion of AMCON funds and transferred another N20 billion derived from theft to conceal its source. The diverted funds were reportedly channeled through Heritage Bank to benefit Sigma Golf in its acquisition of Keystone Bank. Kuru was accused of committing offences contrary to Section 332(1) of the Criminal Law of Lagos State, 2011, punishable under Section 332(3).
Justice Oshodi upheld the prosecution’s right to withdraw charges at any stage of proceedings, citing established principles in criminal jurisprudence. The judge discharged Kuru 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.
With the court’s decision to strike out the case, Kuru is free from the N60 billion fraud charges. The matter has been concluded, and the court has ordered the release of Kuru’s sureties and the return of his travel documents. This development brings an end to the protracted legal battle between Kuru and the Federal Government.
