The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, a close associate of former Kaduna State Governor, Mallam Nasir El-Rufai, over an alleged ₦311 billion money laundering scheme.
Sule, who is the Managing Director of TMDK Terminal Limited, was brought before the Federal High Court sitting in Kaduna on Monday, where he was charged on five counts bordering on money laundering and unlawful retention of proceeds of fraud, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the charge sheet filed by the ICPC, Sule allegedly exercised control over funds in excess of ₦311 billion traced to accounts domiciled with Fidelity Bank, Stanbic IBTC and Providus Bank. The anti-graft agency said the funds were received from INT Towers Limited, IHS Nigeria Limited, IHS Towers Nigeria Limited and Boaz Commodities Limited, purportedly for the supply of petroleum products.
The Commission alleged that Sule knew, or reasonably ought to have known, that the funds constituted proceeds of unlawful activity.
ICPC further accused Sule and his company, TMDK Terminal Limited, of unlawfully retaining the tax components of the transactions—running into hundreds of billions of naira—despite allegedly being aware that the underlying transactions were fraudulent.
In its filing, the Commission described the alleged conduct as the “direct handling and retention of illicit proceeds,” noting that such actions expose both the individual and the corporate entity to enhanced penalties under Sections 18(3) and 18(4) of the Act.
The charges were signed by Dr Osuobeni Ekoi Akponimisingha, Head of the ICPC’s High-Profile Prosecution Department, underscoring the seriousness with which the Commission is treating the case.
Legal analysts have noted that the involvement of the high-profile prosecution unit reflects the national significance and political sensitivity of the matter.
The case has also attracted public attention due to TMDK Terminal Limited’s reported business and political links with the el-Rufai family, including former Governor Nasir el-Rufai and his elder brother, Bashir el-Rufai, who are believed to have maintained close dealings with the company during and after Nasir el-Rufai’s tenure as governor of Kaduna State.
The court adjourned the matter to January 15 for the hearing of the accused’s bail application.
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