FG Withdraws ₦20bn Fraud Case Against Ex-AMCON MD Ahmed Kuru

A Lagos High Court sitting in Ikeja has struck out the ₦20 billion fraud case against Ahmed Kuru, former Managing Director of the Asset Management Corporation of Nigeria (AMCON), following the Federal Government’s decision to discontinue the prosecution.

Justice Rahman Oshodi, in his ruling on Monday, discharged Kuru after the Office of the Attorney-General of the Federation (AGF) filed a notice of withdrawal dated July 24.

Kuru was arraigned on February 11 on a six-count amended charge bordering on conspiracy, stealing, and transfer of property derived from an illegal act. He pleaded not guilty. On the same day, co-defendant Sigma Golf Nigeria Limited pleaded guilty and was convicted.

The Economic and Financial Crimes Commission (EFCC) had alleged that ₦20 billion in AMCON funds was diverted through Heritage Bank for the benefit of Sigma Golf, which allegedly used the funds to acquire Keystone Bank. However, trial proceedings never began before the AGF’s withdrawal application.

At Monday’s sitting, prosecution counsel V.J. Alma urged the court to discharge Kuru, a request supported by his lawyer, Olasupo Shasore, who also sought the release of his client’s bail bond and sureties.

In his judgment, Justice Oshodi held that under Nigerian criminal law, the prosecution has the discretion to withdraw charges at any stage before judgment. He 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 ordered the immediate release of Kuru’s travel documents, discharged his sureties from obligations, and vacated the notice to the Nigerian Immigration Service restricting his movement.