Tinubu’s government withdraws N60bn fraud case against ex-AMCON boss Ahmed Kuru

The Federal Government under President Bola Ahmed Tinubu has withdrawn the N60bn fraud case against former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru.

The Economic and Financial Crimes Commission (EFCC) had arraigned Kuru on February 11, 2025, before Justice Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court, on a six-count amended charge bordering on conspiracy, stealing, and unlawful transfer of property derived from an illegal act.

He had pleaded not guilty to all the counts charged.

Kuru was arraigned alongside Sigma Golf Nigeria Limited. While Kuru denied the charges, Sigma Golf entered a guilty plea after reaching a plea bargain with the EFCC and was consequently convicted.

Following Sigma Golf’s admission to fraudulently converting N20 billion belonging to AMCON, Justice Oshodi ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited, valued at N1.00 each, to the Federal Government.

According to the EFCC, the funds were illicitly channelled through Heritage Bank to facilitate Sigma Golf’s acquisition of Keystone Bank. The anti-graft agency also accused Kuru and the former Managing Director of Heritage Bank, Ifie Sekibo (currently at large), of dishonestly converting AMCON funds and transferring another N20 billion derived from theft in a bid to conceal its origin.

However, the trial never commenced before the Federal Ministry of Justice, through a notice of discontinuance dated July 24, 2025, applied to withdraw the case against Kuru.

At Monday’s proceedings, prosecution counsel V.J. Alma, urged the court to discharge the defendant, a request supported by his lead counsel, Olasupo Shasore (SAN), who also asked for the release of Kuru’s bail bond and sureties.

In his ruling, Oshodi held that under Nigerian criminal law, the prosecution had the discretion to withdraw charges at any stage before judgement.

He accordingly discharged Kuru 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 also ordered the immediate release of Kuru’s travel documents and discharged his sureties from all obligations.

In his ruling, Oshodi affirmed the prerogative to withdraw charges at any stage of the criminal proceedings

The judge stated, “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.

“Given that withdrawal, the defendant is hereby discharged under Section 73(1)(i) of the Administration of Criminal Justice Law of Lagos State, 2015. See also Section 108(2)(a) of the Administration of Criminal Justice Act, 2015.”

The court further ordered, “The bond entered on behalf of the defendant is hereby discharged, and his sureties are released from their obligations thereunder.

“Concomitantly, the notice to the Nigerian Immigration Service regarding the withholding of the defendant’s passport shall cease to have effect, and the defendant’s travel documents are hereby released.