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FG withdraws ₦60bn fraud case against ex-AMCON MD Ahmed Kuru.
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Co-defendant Sigma Golf convicted after plea bargain and asset forfeiture.
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Court lifts Kuru’s travel restrictions, orders return of documents
TheLagos State Special Offences and Domestic Violence Court in Ikeja has struck out a ₦60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Lawan Kuru, after the Federal Government withdrew the charges.
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EKO HOT BLOG reports that the withdrawal was filed by the Director of Public Prosecutions of the Federation, M.B. Abubakar, through a notice of discontinuance dated July 24, 2025.
Kuru had been arraigned by the Economic and Financial Crimes Commission on February 11, 2025, on six amended counts bordering on conspiracy, stealing, and the transfer of property derived from an illegal act. He pleaded not guilty. His co-defendant, Sigma Golf Nigeria Limited, pleaded guilty under a plea bargain with the EFCC and was convicted.
Following Sigma Golf’s conviction, Justice Rahman Oshodi ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank, valued at ₦1 each, to the Federal Government. The forfeiture was linked to the company’s admission of fraudulently converting ₦20 billion belonging to AMCON.
The EFCC alleged that the funds were channelled through Heritage Bank to benefit Sigma Golf in acquiring Keystone Bank. Kuru and former Heritage Bank MD, Ifie Sekibo, now at large, were also accused of dishonestly converting another ₦20 billion and transferring it to conceal its source, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Although the trial had been scheduled to begin, the prosecution applied to terminate the case. At Monday’s hearing, prosecution counsel V.J. Alma urged the court to discharge Kuru. Defence counsel Olasupo Shasore (SAN) supported the application and sought the release of Kuru’s sureties and travel documents.
Justice Oshodi granted the request, noting that prosecutors have the right to withdraw charges at any stage. He ordered the discharge of the bond, the release of sureties, and the lifting of the Nigerian Immigration Service’s travel restrictions on Kuru’s passport.
