The Federal Government has withdrawn the ₦60 billion fraud case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, leading to his discharge by a Lagos State High Court sitting in Ikeja.
The case, filed at the Special Offences and Domestic Violence Court, revolved around allegations of conspiracy, stealing, and the illegal transfer of properties involving ₦60 billion in AMCON funds. Kuru was arraigned on February 11, 2025, on a six-count amended charge to which he pleaded not guilty.
According to court records, the funds were allegedly diverted through Heritage Bank to benefit Sigma Golf Nigeria Limited in its acquisition of Keystone Bank. Sigma Golf, Kuru’s co-defendant, had earlier pleaded guilty under a plea bargain and was convicted, leading to the forfeiture of 6.3 billion ordinary shares in Keystone Bank, each valued at ₦1, to the Federal Government. The plea bargain followed Sigma Golf’s admission of converting ₦20 billion belonging to AMCON.
The prosecution alleged that the transaction was facilitated by Kuru and former Heritage Bank Managing Director, Ifie Sekibo, who is still at large.
In a notice of discontinuance dated July 24, 2025, and filed by the Director of Public Prosecutions of the Federation, M.B. Abubakar, the Federal Government formally moved to end the trial. The presiding judge, Justice Rahman Oshodi, ruled that the prosecution had the right to withdraw charges at any stage of proceedings.
The court subsequently struck out the case, discharged Kuru, released his sureties, ordered the return of his passport, and lifted all travel restrictions.
The withdrawal of the high-profile case has triggered widespread reactions from Nigerians, with many questioning the government’s commitment to prosecuting alleged economic crimes involving politically exposed persons.
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