Lagos court strikes out N60bn fraud case against former AMCON MD Ahmed Kuru as FG withdraw charges

The judge of Lagos state special offences and domestic violence court, Ikeja, Rahman Oshodi, has struck out a N60bn fraud case against former Managing Director (MD) of the Asset Management corporation of Nigeria, Ahmed Kuru, following the federal government’s decision to withdraw the charges.

The withdrawal of the charges was carried out by the director of public prosecutions of the federation, M.B. Abubakar, who filed a notice of discontinuance on Thursday, July 24.

This action followed the arraignment of Kuru by the Economic and Financial Crimes Commission (EFCC) on Tuesday, February 11, on an amended six count charge.

The charges, to which he had pleaded not guilty, bordered on conspiracy, stealing, and the transfer of property derived from an illegal act.

Sigma Golf Nigeria limited, which was charged alongside Kuru, pleaded guilty to the charges on the day of the arraignment as part of a plea bargain with the Economic and Financial Crimes Commission (EFCC).

Following the conviction, Oshodi ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited to the federal government.

This forfeiture was linked to Sigma Golf’s admission of fraudulently converting N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).

The EFCC alleged that Kuru, along with Ifie Sekibo, the former Managing Director (MD) of Heritage bank, had dishonestly converted N20 billion in funds belonging to AMCON and transferred another N20 billion to conceal its source.

The commission claimed that these diverted funds were channeled through Heritage bank to facilitate Sigma Golf’s acquisition of Keystone bank, an act that contravened Section 332(1) of the Criminal Law of Lagos state, 2011.

Although the trial was slated to begin, proceedings never commenced before the prosecution moved to terminate the case.

At the hearing on Monday, August 11, prosecution counsel V.J. Alma requested that the court discharge the defendant following the withdrawal of charges.

Defence counsel Olasupo Shasore supported the application and additionally requested the release of Kuru’s sureties and the discharge of his bond.

In his ruling, Oshodi upheld the prosecution’s right to withdraw the charges at any point in the proceedings and granted all applications.

Oshodi said, “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 the bond placed on Kuru’s behalf, the release of his sureties, and the lifting of the travel restriction on his passport by the Nigerian Immigration Service (NIS). His travel documents were also ordered to be returned.

Oshodi concluded, “Given the circumstances, the court has dismissed this case.”