- Justice Rahman Oshodi struck out a N60bn fraud case against ex-AMCON MD Ahmed Kuru after the Federal Government withdrew charges.
- Sigma Golf Nigeria Limited pleaded guilty and forfeited 6.3 billion Keystone Bank shares linked to a N20bn fraud.
- The court discharged Kuru, released his sureties, and lifted all travel restrictions following the prosecution’s withdrawal.
Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court in Ikeja has dismissed a N60 billion fraud case against former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru.
Eko Hot Blog reports that this is decision followed the Federal Government’s withdrawal of all charges against him.
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The withdrawal was formally communicated through a notice of discontinuance filed on July 24, 2025, by the Director of Public Prosecutions of the Federation, M.B. Abubakar.
Kuru was originally arraigned by the Economic and Financial Crimes Commission (EFCC) on February 11, 2025. He faced six amended charges involving conspiracy, stealing, and illegal transfer of property, linked to the alleged misappropriation of funds. Kuru pleaded not guilty to all counts.
He was tried alongside Sigma Golf Nigeria Limited. On arraignment day, Sigma Golf pleaded guilty under a plea bargain with the EFCC and was convicted. Consequently, Justice Oshodi ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited—valued at N1 each—to the Federal Government. This forfeiture was connected to Sigma Golf’s acknowledgment of fraudulently converting N20 billion belonging to AMCON.
The EFCC had alleged that the stolen funds were routed through Heritage Bank to benefit Sigma Golf during its purchase of Keystone Bank. It also accused Kuru and former Heritage Bank MD, Ifie Sekibo (currently at large), of dishonestly converting N20 billion and transferring another N20 billion to conceal its illicit origin. These acts were said to contravene Section 332(1) and punishable under Section 332(3) of the Criminal Law of Lagos State, 2011.
Though the trial was scheduled to proceed, the prosecution decided to discontinue the case before it began.
At the recent court session, the prosecution lawyer, V.J. Alma, asked the court to discharge Kuru following the withdrawal of charges. Defence counsel, Senior Advocate of Nigeria Olasupo Shasore, supported the request and asked for the release of Kuru’s sureties and the discharge of his bond.
In delivering judgment, Justice Oshodi affirmed the prosecution’s right to discontinue charges at any point during the trial. He stated,
“It is well recognized in criminal law that the prosecution can withdraw a case at any stage of the proceedings. Therefore, the defendant is discharged in accordance with 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 release of Kuru’s sureties, the cancellation of his bond, and lifted the travel restrictions placed on his passport by the Nigerian Immigration Service, directing that his travel documents be returned immediately.
Concluding, Justice Oshodi declared, “In view of the foregoing, this case is hereby struck out.”
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