Justice Rahman Oshodi of the Lagos State High Court in Ikeja has 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 alleged that AMCON funds amounting to N20 billion were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited, which allegedly used the money to acquire Keystone Bank.
Kuru was arraigned on February 11, 2025, 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, Sigma Golf Nigeria Limited, initially a co-defendant, pleaded guilty and was convicted.
However, the trial never commenced before the Federal Ministry of Justice, through a notice of discontinuance dated July 24, 2025, applied to withdraw the case against Kuru.
At Monday’s proceedings, prosecution counsel V.J. Alma urged the court to discharge the defendant, a request supported by his lead counsel, Olasupo Shasore (SAN), who also asked for the release of Kuru’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.
In his ruling, Justice Oshodi affirmed the prosecution’s prerogative to withdraw charges at any stage of criminal proceedings.
“It is well established in criminal jurisprudence,” the judge held, “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. See also Section 108(2)(a) of the Administration of Criminal Justice Act, 2015.”
The court further ordered: “The bond entered on behalf of the defendant is hereby discharged, and his sureties are released from their obligations thereunder.
“Concomitantly, the notice to the Nigerian Immigration Service regarding the withholding of the defendant’s passport shall cease to have effect, and the defendant’s travel documents are hereby released.
“In the circumstances, this matter is hereby struck out,” the judge held.
