In a sudden legal twist, the N60billion fraud trial of former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, ended before it began, as the Lagos State Special Offences and Domestic Violence Court struck out the charges on Monday.
Justice Rahman Oshodi delivered the decision after the President Bola Tinubu-led Nigerian government, through the Director of Public Prosecutions of the Federation, M.B. Abubakar, filed a notice of discontinuance dated July 24, 2025.
The case had once loomed as one of the country’s most significant corporate fraud trials.
On February 11, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned Kuru on amended six counts marked ID/24960C/2024, alleging conspiracy, stealing, and the transfer of property derived from an illegal act. He pleaded not guilty.
Sigma Golf Nigeria Limited, Kuru’s co-defendant, took a different route—pleading guilty under a plea bargain.
That admission led Justice Oshodi to order the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, each valued at N1 to the Nigerian government.
The forfeiture was linked to Sigma Golf’s admission of fraudulently converting N20bn from AMCON.
The EFCC claimed that the diverted funds were channelled through Heritage Bank to aid Sigma Golf’s acquisition of Keystone Bank, and accused Kuru, alongside the now fugitive former Heritage Bank MD Ifie Sekibo, of dishonestly converting AMCON’s funds and concealing another N20bn derived from theft.
Yet, despite the high-profile allegations, no trial commenced. On Monday, prosecution counsel, V.J. Alma, asked the court to discharge Kuru in view of the case withdrawal.
Defence counsel, Olasupo Shasore (SAN), not only agreed but also sought the release of Kuru’s sureties and the discharge of his bond.
In his ruling, Justice Oshodi sided with the prosecution’s prerogative.
“It is well established in criminal jurisprudence,” he said, “that the prosecution possesses the prerogative to withdraw from the prosecution of any matter at any stage of the proceedings. Given that withdrawal, the defendant is hereby discharged under 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 further lifted the Nigerian Immigration Service restriction on Kuru’s passport, ordered his travel documents returned, and discharged his bond.
“In the circumstances,” Justice Oshodi concluded, “this matter is hereby struck out.”