Court Strikes Out N60bn Fraud Case Against Ex-AMCON Boss Ahmed Kuru

Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has dismissed the N60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, after the Federal Government withdrew the charges.

The Director of Public Prosecutions of the Federation, M.B. Abubakar, filed a notice of discontinuance dated July 24, 2025, bringing the proceedings to an end.

Kuru was arraigned by the Economic and Financial Crimes Commission on February 11, 2025, on six amended counts bordering on conspiracy, stealing, and transfer of illegally obtained property. He pleaded not guilty, while his co-defendant, Sigma Golf Nigeria Limited, admitted guilt under a plea bargain and was convicted.

Following Sigma Golf’s conviction, the court ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited, valued at N1 each, to the Federal Government. The EFCC alleged the shares were acquired with N20 billion fraudulently diverted from AMCON funds through Heritage Bank.

Although trial never commenced, prosecution counsel V.J. Alma asked the court on Monday to discharge Kuru, with his defence counsel, Olasupo Shasore (SAN), supporting the move and requesting the release of his sureties and bond.

Justice Oshodi ruled that the prosecution was within its rights to withdraw charges at any stage, subsequently discharging Kuru under the relevant provisions of the Lagos and Federal Administration of Criminal Justice laws. The court also ordered the return of his passport, the lifting of travel restrictions, and the release of his sureties.

“This matter is hereby struck out,” the judge concluded.