JUSTICE Rahman Oshodi of the Ikeja Special Offences and Domestic Violence Court has struck out the N60 billion criminal case filed against the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru.
The Economic and Financial Crimes Commission (EFCC) had arraigned Kuru on February 11, 2025, 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.
The offences, according to the EFCC, violate Section 332(1) of the Criminal Law of Lagos State, 2011, and are punishable under Section 332(3).
Although the matter had been adjourned for trial, proceedings had not commenced before the prosecution filed a notice of discontinuance on July 24, 2025. The notice, signed by the Director of Public Prosecutions of the Federation, Mr. M.B. Abubakar, requested the court to formally terminate the proceedings.
At the resumed hearing on Monday, EFCC counsel, Mr. V.J. Alma, applied for the formal discharge of the defendant. Defence counsel, Mr. Olasupo Shasore (SAN), did not oppose the application and requested the release of Kuru’s bond and sureties.
While delivering ruling, Justice Oshodi held that the prosecution has the legal right to withdraw a case at any stage of the proceedings.
“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,” the judge stated.
“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 therefore ordered the discharge of the bond and release of the sureties, as well as the lifting of travel restrictions on Kuru.
“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,” Justice Oshodi ruled.
