Connect with us

News

FG drops N60bn fraud charges against ex-AMCON MD

Published

on

Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court, Ikeja, has struck out a N60bn fraud case against former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, following the Federal Government’s decision to withdraw the charges.

The withdrawal was effected through the Director of Public Prosecutions of the Federation, M.B. Abubakar, who filed a notice of discontinuance dated July 24, 2025.

The Economic and Financial Crimes Commission had, on February 11, 2025, arraigned Kuru on amended six counts marked ID/24960C/2024, bordering on conspiracy, stealing, and transfer of property derived from an illegal act. He pleaded not guilty.

Kuru was charged alongside Sigma Golf Nigeria Limited. On the day of arraignment, Sigma Golf entered a guilty plea pursuant to a plea bargain with the EFCC and was convicted.

Following the conviction, Justice Oshodi ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited — valued at N1 each — to the Federal Government.

The forfeiture was tied to Sigma Golf’s admission of fraudulently converting N20bn belonging to AMCON.

The EFCC alleged that the diverted funds were channelled through Heritage Bank to benefit Sigma Golf in its acquisition of Keystone Bank.

It also accused Kuru, alongside the former Managing Director of Heritage Bank, Ifie Sekibo (now at large), of dishonestly converting N20bn of AMCON funds and transferring another N20bn derived from theft to conceal its source.

According to the commission, the offences contravened Section 332(1) of the Criminal Law of Lagos State, 2011, and were punishable under Section 332(3).

Although the matter was slated for trial, proceedings never commenced before the prosecution sought to terminate the case.

At Monday’s hearing, prosecution counsel, V.J. Alma, urged the court to discharge the defendant in light of the charges withdrawal.

Defence counsel, Olasupo Shasore (SAN), supported the application and further requested the release of Kuru’s sureties and the discharge of the bond.

In his ruling, Justice Oshodi upheld the prosecution’s right to withdraw charges at any stage of proceedings.

“It is well established in criminal jurisprudence,” the judge said, “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 entered on Kuru’s behalf, the release of his sureties, and the lifting of the Nigerian Immigration Service restriction on his passport. His travel documents were ordered to be returned.

“In the circumstances,” Justice Oshodi concluded, “this matter is hereby struck out.”

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Sacking Of Service Chiefs: ‘This Is Not A Reaction To Any Rumour Of Coups’ – Presidency Clarifies

Published

on

The Presidency has dismissed claims that the removal and replacement of Nigeria’s service chiefs were linked to a coup plot.

It was reports that speculation about a planned military takeover surfaced after Sahara Reporters alleged that 16 officers were detained in connection with a plot to oust President Bola Tinubu.

The October 19 report also claimed the cancellation of the Independence Day military parade was tied to growing unrest in the Armed Forces.

However, the Defence Headquarters swiftly debunked the story.

Reacting on Friday, the Senior Special Assistant to President Tinubu, on Media and Publicity, Tope Ajayi, told Saturday Punch that the President acted purely to refresh the military command after two years of sustained operations.

“This is not a reaction to any rumour of coups. He is exercising his powers. The service chiefs have done two years,” Ajayi said.

According to him, the change was aimed at injecting “new direction, vision, vigour and energy” into the Armed Forces.

Ajayi explained that the country continues to grapple with multiple security threats, making the leadership overhaul necessary.

“We are fighting security issues, Boko Haram in the North-East, banditry in the North-West, IPOB and ESN in the South-East, kidnapping in the South-West, and other crises in the North-Central,” he stated.

The presidential aide further noted that security operations had dominated national spending, leaving other critical sectors starved.

“In the last 15 years, look at our national budget, security taking the largest chunk. The President wants to deal with this matter once and for all, so that the money going into defence expenditure will be better deployed to fund critical infrastructure like power, roads, broadband, education, and healthcare,” Ajayi said.

Ajayi stressed that the President’s decision was lawful and consistent with constitutional provisions.

“Every appointee of government, whether you are minister, head of agency, or service chief, serves at the pleasure of the President. Nobody has a secure tenure. The only two people in the Federal Government who have a guarantee of tenure are the President and the Vice President,” he explained.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

‘Service Chiefs Can Be Hired And Fired By The President’ – Tinubu’s Adviser

Published

on

The Presidency has further clarified that the removal and replacement of Nigeria’s service chiefs were not connected to any alleged coup plot.

It was reports that the Special Adviser to the President Bola Tinubu on Information and Strategy, Bayo Onanuga, told Saturday Punch that the shake-up was aimed at injecting fresh energy into the military.

“Service chiefs can be hired and fired by the President. He is the Commander-in-Chief. He has the power to hire and fire,” Onanuga said.

On Friday, President Tinubu announced significant changes in the military hierarchy.

A statement by his Special Adviser on Media and Public Communication, Sunday Dare, confirmed the appointment of General Olufemi Oluyede as the new Chief of Defence Staff, replacing General Christopher Musa.

According to the statement, Major-General W. Shaibu is now the Chief of Army Staff, Air Vice Marshal S.K. Aneke becomes Chief of Air Staff, while Rear Admiral I. Abbas assumes office as Chief of Naval Staff.

The Chief of Defence Intelligence, Major-General E.A.P. Undiendeye, retained his position.

Tinubu urged the newly appointed service chiefs to justify the confidence reposed in them by strengthening professionalism, vigilance, and comradeship within the Armed Forces.

In the statement released by Dare, he stated that the appointments take immediate effect.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

Yahoo boys are geniuses who need redirection, not condemnation – Peter Obi

Published

on

Labour Party’s presidential candidate during the 2023 general election, Peter Obi, has said that most Yahoo boys are geniuses who need redirection, not condemnation.

Obi made these remarks in Onitsha, during a youth-led convention, which he attended as a guest speaker.

“I told the youths that some of our so-called Yahoo boys are geniuses who need redirection, not condemnation. Their creativity and courage, if properly guided, can drive innovation and national development. Our challenge is to channel their energy from deception to productive enterprise,” Obi said in a statement released

He cautioned that Nigeria cannot attain greatness while celebrating corruption and rewarding dishonesty. He compared the current vices to those that which is currently affecting the political class.

He said while money is necessary, it represents only a small part of true wealth, which, he said, rests on integrity, character, and purpose.

“Real wealth uplifts both the individual and society, promotes education, reduces poverty, and creates opportunities for others to live dignified lives,” Obi said.

The former Anambra State governor revealed that he had cut short his travels because he felt the urge to encourage many of the youths upon his arrival from the United Kingdom.

Obi faults leadership following IMF’s omission of Nigeria from Africa’s top growth list

“I went straight to Onitsha and was glad to be part of the event because it addressed a vice that has eroded our values, the greed for material possessions,” Obi said.

He condemned violence that comes in the form of religious attacks, saying that, whether Christians or Muslims, or traditional worshippers, fairness and merit are what Nigerians need.

“Finally, I reminded everyone that no religion or tribe buys bread cheaper than another. Nigeria is blessed with abundant resources; what we lack is the will to do what is right. Once we embrace justice, fairness, and merit, our nation’s greatness will naturally unfold” he concluded.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Trending