20bn Fraud Trial: Court Adjourns Kuru’s Case, Orders EFCC to Produce CBN Files

A Lagos State High Court sitting in Ikeja has adjourned the ongoing ₦20 billion fraud trial involving former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, to October 6, 2025.

Justice Rahman Oshodi of the Special Offences Court issued the adjournment during the latest hearing, following a directive to the Economic and Financial Crimes Commission (EFCC) to furnish the court and the defense team with critical documents, including investigative reports and e-statements of Keystone Bank from the Central Bank of Nigeria (CBN).

The directive is aimed at ensuring full disclosure of prosecution evidence to the defense before the next phase of the trial.

Kuru is standing trial on a six-count amended charge bordering on conspiracy, stealing, and the illegal transfer of property. He was arraigned on February 11, 2025, alongside Sigma Golf Nigeria Limited, the company alleged to have benefitted from the fraudulent diversion of AMCON funds.

While Kuru has pleaded not guilty, Sigma Golf, represented by its Chairman, Umaru Hamidu Modibbo, entered a guilty plea under a plea bargain agreement. As a result, the court convicted the company and ordered the forfeiture of its interests in 6.25 billion units of Keystone Bank shares to the Federal Government.

The EFCC alleges that in 2016, the defendants dishonestly converted ₦20 billion belonging to AMCON through Heritage Bank Limited for the acquisition of Keystone Bank by Sigma Golf. They are also accused of laundering ₦10 billion to conceal the illicit origin of the funds.

Justice Oshodi emphasized that the case cannot proceed without the EFCC providing the full set of documents, particularly those relating to the transaction trail involving Keystone Bank.

With the case now adjourned to October 6, 2025, attention turns to the EFCC’s compliance with the court order and the documents it is expected to present.

This high-stakes trial continues to draw significant public interest, highlighting broader issues of transparency and accountability in Nigeria’s financial and asset management sectors.