FG drops N60bn fraud charges against ex-AMCON MD
Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out a N60bn fraud case against former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, following the Federal Government’s decision to withdraw the charges.
The withdrawal was effected through the Director of Public Prosecutions of the Federation, M.B. Abubakar, who filed a notice of discontinuance dated July 24, 2025.
The Economic and Financial Crimes Commission had, on February 11, 2025, arraigned Kuru on amended six counts marked ID/24960C/2024, bordering on conspiracy, stealing, and transfer of property derived from an illegal act. He pleaded not guilty.
Kuru was charged alongside Sigma Golf Nigeria Limited. On the day of arraignment, Sigma Golf entered a guilty plea pursuant to a plea bargain with the EFCC and was convicted.
Following the conviction, Justice 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 forfeiture was tied to Sigma Golf’s admission of fraudulently converting N20bn belonging to AMCON.
The EFCC alleged that the diverted funds were channelled through Heritage Bank to benefit Sigma Golf in its acquisition of Keystone Bank.
It also accused Kuru, alongside the former Managing Director of Heritage Bank, Ifie Sekibo (now at large), of dishonestly converting N20bn of AMCON funds and transferring another N20bn derived from theft to conceal its source.
According to the commission, the offences contravened Section 332(1) of the Criminal Law of Lagos State, 2011, and were punishable under Section 332(3).
Although the matter was slated for trial, proceedings never commenced before the prosecution sought to terminate the case.
At Monday’s hearing, prosecution counsel, V.J. Alma, urged the court to discharge the defendant in light of the charges withdrawal.
Defence counsel, Olasupo Shasore (SAN), supported the application and further requested the release of Kuru’s sureties and the discharge of the bond.
In his ruling, Justice Oshodi upheld the prosecution’s right to withdraw charges at any stage of proceedings.
