The Special Offences Court in Ikeja, Lagos has struck out the N20 billion fraud case against former Asset Management Corporation of Nigeria (AMCON) Managing Director, Ahmed Kuru, after the federal government withdrew the charges in what is becoming a pattern under the President Bola Tinubu administration.
Delivering the ruling on Monday, the trial judge, Rahman Oshodi, granted the application for discontinuance, following a notice filed on 24 July by the Director of Public Prosecutions of the Federation, M.B. Abubakar, on behalf of President Bola Tinubu’s administration.
|
|
The case had been billed as one of Nigeria’s most significant corporate fraud trials, with the Economic and Financial Crimes Commission (EFCC) alleging that Kuru and others diverted N20 billion from AMCON to acquire Keystone Bank through Sigma Golf Nigeria Limited.
The case is the latest instance of abrupt termination of high-profile corruption cases by the office of the Attorney-General of the Federation (AGF), Lateef Fagbemi, which is fast becoming a familiar pattern under the President Bola Tinubu administration.
|
|
|
|---|
The AGF under successive administrations has been criticised for indiscriminate use of the power of the office to terminate criminal trials while disregarding public interest and the doctrine of rebrutive justice that expects offenders to be punished to achieve a crime-free and stable society.
The administration has not offered the public explanations regarding the criminal cases that the AGF office has withdrawn from court so far.
Background
On 11 February, EFCC arraigned Mr Kuru alongside Sigma Golf Nigeria Limited on an amended six-count marked ID/24960C/2024, alleging conspiracy, stealing, and transfer of property derived from an illegal act.
Mr Kuru pleaded not guilty when the charges were read but his co-defendant, Sigma Golf, represented by chairman Umaru Hamidu-Modibbo, pleaded guilty under a plea bargain agreement.
Following Sigma Golf’s admission, Mr Oshodi ordered the forfeiture of 6.3 billion ordinary shares in Keystone Bank Limited—valued at N1 each—to the Federal Government.
The forfeiture was tied to the company’s fraudulent conversion of N20 billion from AMCON.
The EFCC alleged that the funds were channelled through Heritage Bank to help Sigma Golf acquire Keystone Bank.
Mr Kuru, along with former Heritage Bank MD Ifie Sekibo was accused of dishonestly converting AMCON’s funds and concealing another N20 billion derived from theft.
In May, Mr Oshodi ordered the EFCC to provide an investigative report and Keystone Bank’s e-statement to the defence with the Central Bank of Nigeria (CBN).
He ruled that these documents would shape the next phase of the trial before adjourning the matter to 6 October, for further proceedings.
While Mr Kuru maintained his plea of not guilty, Sigma Golf’s conviction stood, with the court also ordering forfeiture of Keystone Bank shares linked to Modibbo.
Mr Kuru was granted bail of N50 million with two sureties.
Sudden withdrawal
Mr Kuru’s lawyer, Olasupo Shasore, who is a Senior Advocate of Nigeria (SAN), supported the application and requested the release of Mr Kuru’s sureties and bond.
Mr Oshodi ruled in favour of the application, citing the prosecution’s constitutional prerogative to withdraw charges at any stage.
He discharged Mr Kuru under Section 73(1)(i) of the Lagos State Administration of Criminal Justice Law, 2015, and Section 108(2)(a) of the Administration of Criminal Justice Act, 2015.
The court also lifted the Nigerian Immigration Service’s travel restriction on Mr Kuru.
Also, the court ordered the return of his passport and struck out the matter.
The withdrawal marks the end of the trial but is not an acquittal—the accused person could, in theory, be charged again on the same facts.
Other case
Mr Kuru is also standing trial before another judge Mojisola Dada of the Special Offences Court, Ikeja, over allegations of conspiracy, stealing, and abuse of office in the management of Arik Air’s debts to AMCON.
The EFCC alleges that in 2011, Mr Kuru and others misrepresented Arik’s loans as non-performing, prompting AMCON to acquire them for N71 billion despite foreign guarantees.
The defendants allegedly diverted N4.9 billion of Arik’s funds to NG Eagle Limited and authorised the dismantling of a $31.5 million aircraft.
They have pleaded not guilty.
Pattern of case withdrawals under Tinubu administration
The Kuru case is among several high-profile matters that have been discontinued or stalled so far on Mr Fagbemi’s watch. In June, Mr Fagbemi halted EFCC’s move to arraign Honeywell Group chairman Oba Otudeko over an alleged N12.3 billion fraud.
Mr Fagbemi was also accused of failing to pursue a N5 billion fraud suit against former aviation minister Stella Oduah after she joined the ruling All Progressives Congress (APC) in 2021.
In November 2023, his office took over the case from the Economic and Financial Crimes Commission (EFCC), with the trial judge noting that the move came shortly after a change in the EFCC’s leadership.
David Kaswe, a chief state counsel from the AGF’s office, told the court that a letter had been sent to the EFCC requesting the defendants’ case file.
Earlier this year, his office also withdrew criminal charges against Fidelity Bank CEO Nneka Onyeali-Ikpe in a multi-billion-naira fraud case, citing a review that found no direct link to her.
Also, in October last year, the Nigerian government dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who was facing trial at the Federal High Court in Abuja for money laundering and currency speculations. The withdrawal followed an intense diplomatic negiations between the Nigerian and the US governments.
