Lagos — The high-profile N60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has been struck out before trial could even commence.
Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court delivered the ruling on Monday, following a notice of discontinuance filed by the Federal Government. The notice, signed by the Director of Public Prosecutions of the Federation, M.B. Abubakar, was dated July 24, 2025, and effectively brought the proceedings to an abrupt end.
The development comes months after the case was positioned as one of Nigeria’s most significant corporate fraud trials.
Kuru had been arraigned on February 11, 2025, by the Economic and Financial Crimes Commission (EFCC) on an amended six-count charge (ID/24960C/2024) alleging conspiracy, stealing, and the transfer of property derived from unlawful acts. He pleaded not guilty.
His co-defendant, Sigma Golf Nigeria Limited, took a different approach entering a guilty plea under a plea bargain arrangement. That plea led Justice Oshodi to order the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited, valued at N1 each, to the Federal Government.
According to the EFCC, Sigma Golf fraudulently converted N20 billion from AMCON and channelled it through Heritage Bank to acquire Keystone Bank. Kuru, alongside the now fugitive former Heritage Bank MD, Ifie Sekibo, was accused of dishonestly converting AMCON funds and concealing another N20 billion derived from theft.
Despite the weight of the allegations, the trial never took off. On Monday, EFCC counsel V.J. Alma applied to have Kuru discharged following the withdrawal of the case.
Defence counsel, Olasupo Shasore (SAN), welcomed the move and requested the release of Kuru’s sureties and bond.
In his ruling, Justice Oshodi upheld the prosecution’s prerogative, citing 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.
“It is well established in criminal jurisprudence that the prosecution possesses the prerogative to withdraw from the prosecution of any matter at any stage of the proceedings,” the judge noted. “Given that withdrawal, the defendant is hereby discharged.”
The court also lifted the Nigerian Immigration Service’s travel restriction on Kuru, ordered the return of his passport, and discharged his bond.
“With these orders,” Justice Oshodi concluded, “this matter is hereby struck out.”
