EXCLUSIVE: How Tinubu’s AGF, Fagbemi, Bungled Watertight N20Billion Fraud Case Against Former AMCON MD Ahmed Kuru –Sources

The Attorney-General of the Federation (AGF), Lateef Fagbemi (SAN), deliberately bungled one of the most high-profile corruption cases in recent Nigerian history, raising serious concerns about the government’s commitment to the fight against financial crime, SaharaReporters has learnt.

Ahmed Kuru, former managing director of the Asset Management Corporation of Nigeria (AMCON), had been facing criminal charges for allegedly diverting N20 billion in public funds.

Sources say the case was “one of the most watertight” files the Economic and Financial Crimes Commission (EFCC) had ever pursued.

The EFCC had already secured a conviction against Kuru’s co-conspirator and recovered N6 billion of the stolen funds.

“The case of the AMCON MD is one of the most watertight cases in Nigeria’s anti-corruption in recent times because the EFCC had already convicted his accomplice,” one of the sources said.

“The EFCC had also recovered N6 billion out of the N20 billion stolen by him.”

Insiders reveal that previous attempts by the former AGF, Abubakar Malami (SAN), to discontinue the case were strongly resisted by EFCC lawyer Rotimi Oyedepo (SAN).

SaharaReporters learnt that Oyedepo’s vigorous opposition led the Justice Ayo Salami-led panel to recommend him for disciplinary action—a reflection of the tensions surrounding the handling of high-stakes corruption cases.

“When Malami tried to discontinue this case, EFCC lawyer, Rotimi Oyedepo, was vehement, and his insistence led the Salami panel to recommend him for punishment,” a source privy to the matter said.

Sources also told SaharaReporters that the EFCC was neither consulted nor supportive when AGF Fagbemi recently moved to withdraw charges against Kuru, effectively derailing ongoing proceedings.

“The EFCC had built a strong case with clear evidence,” one source told SaharaReporters. “To see it discontinued without consultation or explanation is a major blow to the anti-corruption campaign.”

“Meanwhile, the EFCC is unaware or uncooperative with the AGF on this latest onslaught on the ‘war against corruption,’” another source said.

The revelations follow the Lagos high court’s ruling to strike out the criminal charges against Kuru after the AGF’s office filed a notice of discontinuance.

On Wednesday, SaharaReporters reported that a high court in Ikeja, Lagos, had struck out the criminal case against Kuru.

Rahman Oshodi, presiding judge, struck out the case on Monday following an application of withdrawal by the office of the AGF, Fagbemi.

Kuru was arraigned on February 11 on a six-count amended charge bordering on conspiracy, stealing, and transfer of property derived from an illegal act.

He pleaded not guilty.

On the same day, Sigma Golf Nigeria Limited, initially a co-defendant, pleaded guilty and was convicted.

The EFCC had alleged that AMCON funds, amounting to N20 billion, were diverted through Heritage Bank for the benefit of Sigma Golf Nigeria Limited, which allegedly used the money to acquire Keystone Bank.

However, the trial never commenced as the AGF filed a notice of discontinuance dated July 24, asking to withdraw the case.

At the proceedings on Monday, V.J. Alma, prosecution counsel, prayed the court to discharge the defendant.

Olasupo Shasore, the defendant’s counsel, supported the application and asked for the release of Kuru’s bail bond and sureties.

In his ruling, Oshodi held that under Nigerian criminal law, the prosecution had the discretion to withdraw charges at any stage before judgment.

He accordingly discharged Kuru 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 immediate release of Kuru’s travel documents and discharged his sureties from all obligations.

Sources say the decision, coupled with the lack of coordination with the EFCC, casts doubts on the independence of anti-corruption prosecutions and risks undermining public confidence in Nigeria’s justice system.

According to sources, such high-profile withdrawals send a dangerous signal to perpetrators of financial crime, suggesting that political and bureaucratic influence can override even the most solid criminal cases.

Corruption Cases Bungled Under AGF, Fagbemi

On June 10, SaharaReporters reported that the AGF Fagbemi had overruled the EFCC, preventing the agency from compelling Oba Otudeko, Chairman of Honeywell Group, to appear for arraignment in an alleged N12.3 billion fraud case.

Sources informed SaharaReporters that a meeting was convened involving the EFCC due to a crisis in the handling of the case. During the meeting, the EFCC cited a case involving former Kogi State Governor Yahaya Bello, arguing that Oba Otudeko must enter a plea before any settlement discussions could commence.

However, according to sources, the AGF intervened, informing the court that his office had assumed control of the case and that negotiations were underway to potentially resolve the matter.

This prompted the judge presiding over the case to adjourn the proceedings.

“The AGF overruled the EFCC, preventing the agency from forcing Oba Otudeko to appear for arraignment,” one of the sources said.

“That was how the AGF forced the judge handling the case to adjourn the matter,” the source added.

In June, sources told SaharaReporters that the AGF Fagbemi had compromised the N5 billion suit filed by the EFCC against Stella Oduah, a former aviation minister.

SaharaReporters learned that despite being directed by an Abuja court in July 2023 to take over the case, the AGF never pursued further legal action or allowed the EFCC’s case to progress.

Sources said this was due to Oduah’s membership of the ruling All Progressives Congress (APC).

In August 2021, while serving as senator for Anambra North, Oduah left the Peoples Democratic Party (PDP) for the APC, saying the move was part of an effort to reshape the political landscape in the South East. The party, in turn, assured her that she would enjoy all the rights and privileges of a bona fide member.

“The AGF was asked to take over the case, but he never did file another case or allow the case filed against her to progress, apparently because she joined the APC,” one of the sources said.

Meanwhile, in October 2013, SaharaReporters exclusively obtained documents revealing extensive corruption and mismanagement of public funds at the Ministry of Aviation under Stella Oduah’s leadership. One of the documents detailed how Oduah pressured the cash-strapped Nigeria Civil Aviation Authority (NCAA) to purchase two armoured BMW cars for her.

At the time, NCAA officials told SaharaReporters that the agency struggled to find funds to upgrade critical equipment, provide staff with essential training, and hire enough qualified personnel.

“Yet, all the minister is concerned about is to have two exotic BMW cars from the little money we have for operations,” one of the sources told SaharaReporters.

Documents obtained by SaharaReporters revealed that the transaction to acquire two BMW 760 armored vehicles began in June 2013. However, the request for delivery and payment was expedited between August 13 and 15, 2013. The transaction involved the Nigerian Civil Aviation Authority (NCAA), First Bank of Nigeria, and Coscharis Motors Limited.

On August 13, 2013, J.D. Nkemakolam of the NCAA sent a letter to the Managing Director of Coscharis Motors, requesting the delivery of the two armoured BMWs based on a pro-forma invoice dated June 25, 2013.

Each vehicle was priced at N127,575,000 (approximately $796,846.21), bringing the total to N255,150,000 or about $1,593,687.31. The letter also directed Coscharis Motors to provide the sales invoices, delivery notes, and attestation documents.

Payment for the vehicles was made into a First Bank of Nigeria account (number 2018912995 with sort code 0111152303), according to a letter signed by Godwin Umeaka, Coscharis’ group financial controller.

The two black BMW Li HSS vehicles had chassis numbers WBAHP41050DW68032 and WBAHP41010DW68044.

They were delivered to the NCAA on August 13, 2013, and received by store managers F. Onoabhagbe and Y.A. Amzat, who also served as the agency’s head of transport. Two days later, on August 15, 2013, Sola Ogunsakin of the NCAA signed off to certify the completion of the transaction.

According to Vista BMW in Coconut Creek, Florida, a fully armoured BMW 760 Li—capable of withstanding AK-47 7.62x39mm rounds and lower-caliber weapons—would cost about $162,195.

Additionally, the International Armoring Corporation’s armoured car division in Centerville, Utah, provided a quote indicating that the NCAA could have obtained each of these BMW cars for $200,000, plus shipping costs to Nigeria.

Also, in June, SaharaReporters reported that the Nigerian government had dropped criminal charges against Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc.

Onyeali-Ikpe’s name was withdrawn from an ongoing criminal case involving an alleged multi-billion-naira fraud.

The case, initiated by the AGF, targets lawyer Victor Ukutt; Whoba Ugwunna Ogo (who is reportedly at large); Fidelity Bank Plc; and previously, Dr. Onyeali-Ikpe, over the alleged unlawful conversion of funds belonging to Woobs Resources Limited.

Dr. Onyeali-Ikpe was initially listed as the third defendant in Charge No: FHC/L/138C/2025. Filed in February 2025, the case names the Federal Republic of Nigeria as the complainant, with Victor Ukutt, Fidelity Bank Plc, and Whoba Ugwunna Ogo as the first, second, and fourth defendants, respectively.

However, in an amended 10-count charge filed on May 5, 2025, the Federal Government dropped Onyeali-Ikpe’s name from the list of defendants and replaced her with Safiya Whoba.

However, the AGF’s Office, in a statement issued by Kamarudeen Ogundele, its Special Assistant to the President on Communication and Publicity, explained that the justice minister exercised his constitutional powers to enter a nolle prosequi—formally withdrawing the prosecution—after a comprehensive review of the case found no direct link between Dr. Onyeali-Ikpe and the alleged fraudulent account.

The Attorney General explained that the decision to withdraw the charges was rooted in the principles of justice, fairness, and the rule of law.

"The Attorney General's decision is a testament to the office's commitment to upholding justice and fairness," the statement read.

According to the AGF Office, "Dr. Onyeali-Ikpe was neither the account officer nor the Managing Director of Fidelity Bank when the account in question was opened."