Economic and Financial Crimes Commission (EFCC) has withdrawn a N60 billion criminal suit against Ahmed Kuru, the former managing director of the Asset Management Corporation of Nigeria (AMCON).
The EFCC had arraigned Kuru before Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court on February 11, 2025, on a six-count amended charge of conspiracy, theft, and the transfer of property obtained illegally. Kuru pleaded not guilty.
The former AMCON boss was docked alongside Sigma Golf Nigeria Limited, which pleaded guilty the same day after reaching a plea bargain agreement with the anti-graft agency and was subsequently convicted.
Following the agreement, Justice Oshodi ordered the forfeiture of N6.3 billion ordinary shares in Keystone Bank Limited, valued at N1.00 each, to the federal government.
The EFCC alleged that the funds were diverted through Heritage Bank to benefit Sigma Golf Nigeria Limited, facilitating its acquisition of Keystone Bank.
Kuru, along with the former Heritage Bank Managing Director Ifie Sekibo (who is currently at large), was accused by the Commission of dishonestly converting N20 billion of AMCON funds and transferring another N20 billion derived from theft to hide its source.
The EFCC had maintained that the offences violated Section 332(1) of the Criminal Law of Lagos State, 2011, which is punishable under Section 332(3).
Although the case was adjourned for trial, proceedings had not begun before the prosecution filed a notice of discontinuance on July 24, 2025.
This notice, signed by Mohammed Abubakar, the Director of Public Prosecutions of the Federation, sought to terminate the case.
During the hearing, prosecution counsel Victor Alma urged the court to discharge the defendant, given the withdrawal of the charges.
Defence counsel Olasupo Shasore (SAN) agreed and further requested the discharge of the bond entered on behalf of the defendant and the release of his sureties.
In his ruling, Justice Oshodi affirmed the prosecution’s right to withdraw charges at any stage of criminal proceedings, stating, “It is well established in criminal jurisprudence that the prosecution possesses the prerogative to withdraw from the trial 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, as well as Section 108(2)(a) of the Administration of Criminal Justice Act, 2015,” the judge held.
The court also ordered that “the bond entered on behalf of the defendant is hereby discharged, and his sureties are released from their obligations.
He further stated that the notice to the Nigerian Immigration Service regarding withholding the defendant’s passport shall cease to have effect, and the defendant’s travel documents are hereby released.
