The Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out a ₦60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, after the Federal Government withdrew the charges.
The Director of Public Prosecutions of the Federation, M.B. Abubakar, filed a notice of discontinuance on July 24, 2025, which led to the dismissal.
The Economic and Financial Crimes Commission (EFCC) had arraigned Kuru on February 11, 2025, on amended six counts marked ID/24960C/2024, bordering on conspiracy, stealing, and transfer of property obtained through illegal means. He pleaded not guilty.
Kuru was charged alongside Sigma Golf Nigeria Limited, which entered a guilty plea under a plea bargain with the EFCC and was convicted. Following this, Justice Rahman Oshodi ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited—valued at ₦1 each—to the Federal Government.
According to the EFCC, Sigma Golf admitted to fraudulently converting ₦20 billion belonging to AMCON, with the diverted funds routed through Heritage Bank to facilitate the acquisition of Keystone Bank. Kuru and the former Managing Director of Heritage Bank, Ifie Sekibo (now at large), were accused of dishonestly converting the ₦20 billion and transferring another ₦20 billion derived from theft to conceal its origin.
Although the case was scheduled for trial, it never began before the prosecution sought to terminate proceedings.
At Monday’s hearing, prosecution counsel V.J. Alma asked the court to discharge Kuru in view of the charges withdrawal. Defence counsel Olasupo Shasore (SAN) supported the move and requested the release of Kuru’s sureties and bond.
In his ruling, Justice Oshodi 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, and Section 108(2)(a) of the Administration of Criminal Justice Act, 2015.”
The court also ordered the discharge of ex-AMCON boss bond, the release of his sureties, and the lifting of the Nigerian Immigration Service restriction on his passport, with his travel documents to be returned.
“In the circumstances, this matter is hereby struck out,” the judge concluded.
