Justice Rahman Oshodi of the Lagos State High Court, Ikeja, on Monday struck out the criminal case against former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, over alleged N20 billion fraud in the acquisition of Keystone Bank.
The Economic and Financial Crimes Commission (EFCC) had accused Kuru of diverting AMCON funds through Heritage Bank for the benefit of Sigma Golf Nigeria Limited, which allegedly used the money to acquire Keystone Bank.
Kuru, who was arraigned on February 11 on a six-count amended charge bordering on conspiracy, stealing and transfer of property derived from an illegal act, pleaded not guilty. On the same day, Sigma Golf Nigeria Limited pleaded guilty and was convicted.
However, the trial did not commence before the Federal Ministry of Justice filed a notice of discontinuance dated July 24, 2025, seeking to withdraw the case against Kuru.
At Monday’s proceedings, prosecution counsel V.J. Alma asked the court to discharge the defendant, a request supported by Kuru’s lead counsel, Olasupo Shasore (SAN), who also sought the release of his client’s bail bond and sureties.
In his ruling, Justice Oshodi held that under Nigerian criminal law, the prosecution has the discretion to withdraw charges at any stage before judgment. He accordingly 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 also ordered the immediate release of Kuru’s travel documents and discharged his sureties from all obligations.
