KEY POINTS
- The court struck out the N60 billion fraud case against Kuru.
- Prosecutors withdrew charges before the trial began.
- Keystone Bank shares were forfeited as part of a related plea deal.
Justice Rahman Oshodi of the Lagos State Special Offences and Domestic Violence Court struck out the six-count indictment on Monday, bringing to a close a high-profile proceeding that had never proceeded to trial. The Federal Government’s decision to halt the case was filed on July 24 by Director of Public Prosecutions M.B. Abubakar.
Prosecutors withdraw N60 billion fraud case
Kuru was arraigned in February on charges of conspiracy, stealing, and transferring property from unlawful activities. He was charged alongside Sigma Golf Nigeria Limited in the high-profile case.
Sigma Golf earlier pleaded guilty in a plea bargain with the Economic and Financial Crimes Commission. The deal led to the forfeiture of 6.3 billion ordinary shares in Keystone Bank to the Federal Government.
Investigators alleged that they purchased those shares using fraudulently diverted N20 billion in AMCON funds. The funds were allegedly channelled through Heritage Bank for Keystone Bank’s acquisition.
Prosecutors also accused Kuru and former Heritage Bank Managing Director Ifie Sekibo—now at large—of concealing another N20 billion.
Court orders lifting of travel restrictions
According to BusinessDay, at Monday’s hearing, EFCC counsel V.J. Alma requested the case’s discontinuance, which Kuru’s lawyer, Olasupo Shasore (SAN), did not oppose. He also sought the release of Kuru’s sureties and bond.
Justice Oshodi, citing the prosecution’s discretion to withdraw charges at any stage, discharged Kuru and ordered the return of his passport, the lifting of travel restrictions, and the release of his sureties. The case’s dismissal marks the latest turn in a string of high-value financial crime prosecutions that have faltered before reaching full trial.
