Former AMCON Managing Director, Ahmed Kuru, Faces Fresh Charges for Diverting N20 Billion Public Funds

The Nigerian government has filed fresh six-count criminal charges against Ahmed Lawal Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), for allegedly diverting N20 billion in public funds.

The charges, obtained by Chronicles Reporters on Thursday, implicate Kuru alongside other defendants in a conspiracy to steal AMCON’s funds. According to the court documents, the funds were reportedly funneled through Heritage Bank Limited and used by Sigma Golf Nigeria Limited to acquire Keystone Bank Limited. The case, marked REF/95870/2024, was filed at the Ikeja Judicial Division of the Lagos State High Court on October 24, 2024. The defendants named include Ahmed Lawal Kuru, Umaru Hamidu Modibbo, and Sigma Golf Nigeria Limited as the 1st to 3rd defendants.

The suit was initiated by the Chairman of the Economic and Financial Crimes Commission (EFCC) and filed by a team of lawyers led by Rotimi Oyedepo Iseoluwa, SAN, along with Abba Mohammad, SAN, Bilkisu Buhari Bala, and others, on behalf of the Federal Government. The charges involve criminal conspiracy and stealing, offenses that violate Section 280 and are punishable under Section 287 of the Criminal Law of Lagos State, 2011.

One of the charges accuses Kuru and his co-defendants of transferring funds derived from illegal acts to conceal their origin and evade legal consequences. This violates Section 332(1) of the Criminal Law of Lagos State, 2011, and is punishable under Section 332(3).

Key excerpts from the charges include:

1. Conversion of AMCON Funds: “Ahmed Kuru, Umaru Hamidu Modibbo, Ifie Sekibo (at large), and Sigma Golf Nigeria Limited, sometime in 2016, dishonestly converted the sum of N20 billion, property of AMCON, through Heritage Bank Limited for the acquisition of Keystone Bank Limited.”
2. Transfer to Conceal Illegal Origin: “On November 17, 2016, the defendants transferred N10 billion, derived from an illegal act, with the intent to conceal its origin and evade legal consequences.”
3. Repeat Offenses: “On November 23, 2016, the defendants transferred another N10 billion, derived from illegal activities, for the same purposes.”

The court filings highlight multiple incidents of fraudulent activities linked to the defendants, all occurring within Lagos State’s jurisdiction.

For more details and updates, join our WhatsApp channel.

Chronicles Reporters