Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out a ₦60 billion fraud case against former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Lawan Kuru, after the Federal Government withdrew the charges.
The withdrawal followed a notice of discontinuance dated July 24, 2025, filed by the Director of Public Prosecutions of the Federation, M.B. Abubakar.
Kuru was arraigned by the Economic and Financial Crimes Commission (EFCC) on February 11, 2025, alongside Sigma Golf Nigeria Limited, on six amended counts of conspiracy, stealing, and transferring property derived from an illegal act. While Kuru pleaded not guilty, Sigma Golf entered a guilty plea under a plea bargain and was convicted.
Justice Oshodi subsequently ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank (valued at ₦1 each) to the Federal Government, tied to Sigma Golf’s admission of diverting ₦20 billion from AMCON. The EFCC alleged the funds were routed through Heritage Bank to facilitate Sigma Golf’s acquisition of Keystone Bank.
The anti-graft agency also accused Kuru and former Heritage Bank MD, Ifie Sekibo (now at large), of dishonestly converting another ₦20 billion from AMCON and concealing its source.
Although trial had been scheduled, it never commenced before the prosecution moved to withdraw the case. At Monday’s hearing, prosecution counsel V.J. Alma urged the court to discharge Kuru, a request supported by his lawyer, Olasupo Shasore (SAN), who also sought the release of sureties and bond discharge.
In his ruling, Justice Oshodi affirmed the prosecution’s right to withdraw charges at any stage and formally discharged Kuru under Section 73(1)(i) of the Lagos State Administration of Criminal Justice Law, 2015, and Section 108(2)(a) of the federal Administration of Criminal Justice Act, 2015.
The court ordered the release of Kuru’s sureties, cancellation of his bond, removal of the Nigerian Immigration Service’s travel restriction, and return of his passport.
“This matter,” Justice Oshodi concluded, “is hereby struck out.”
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