Lagos, Nigeria – August 13, 2025
The Lagos State Special Offences and Domestic Violence Court, Ikeja, on Tuesday, struck out a ₦60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, following the Federal Government’s withdrawal of charges.
Presiding Judge Justice Rahman Oshodi made the ruling after the Director of Public Prosecutions of the Federation, M.B. Abubakar, filed a notice of discontinuance dated July 24, 2025. Citing provisions of the Administration of Criminal Justice Law and Act, Justice Oshodi held that the prosecution had the legal right to withdraw charges at any stage and consequently discharged Kuru, ordering the release of his bond and travel documents.
Kuru was arraigned on February 11, 2025, on a six-count amended charge bordering on conspiracy, stealing, and transfer of property derived from an illegal act. He pleaded not guilty.
His co-defendant, Sigma Golf Nigeria Limited, entered a guilty plea under a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC) on the day of arraignment. The company was convicted and ordered to be wound up, with 6.25 billion units of Keystone Bank shares forfeited to the Federal Government.
Editor’s Note: The specific case number cited in earlier reports has not been independently verified from official court records.