Ahmed Kuru, the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), is set to be arraigned on February 11, 2025, on new charges of fraud involving ₦20 billion in AMCON funds. This follows his absence at an earlier court session on December 3, where he was expected to be arraigned on six counts of alleged abuse of office and the misappropriation of ₦76 billion, including property linked to Arik Air.
Kuru’s lawyer, Olasupo Shasore (SAN), has requested the Economic and Financial Crimes Commission (EFCC) suspend the execution of a bench warrant issued for Kuru’s arrest after his non-appearance. Shasore assured the EFCC that Kuru would appear on January 20, 2025, before Justice Mojisola Dada for the earlier charges.
The fresh case alleges that Kuru, alongside Umaru Hamidu Modibbo, Ifie Sekibo (currently at large), and Sigma Golf Nigeria Limited, dishonestly converted ₦20 billion through Heritage Bank Limited in 2016 to fund the acquisition of Keystone Bank Limited. The charges include conspiracy to steal, a violation of Section 411, and stealing, contrary to Section 280 and punishable under Section 287 of Lagos State’s Criminal Law.
The Senate report highlights that restarting a power plant after a collapse costs approximately $7.5 million, amounting to $25 million per collapse when three plants are operational.
The allegations raise further scrutiny over Kuru’s tenure at AMCON, particularly concerning the management of public funds. The case is set to unfold with additional hearings and investigations into the allegations.
