The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited and an associate of former Kaduna State Governor, Malam Nasir el-Rufai, over an alleged ₦311 billion money laundering scheme.
Sule was brought before the Federal High Court in Kaduna on a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the charge sheet, the ICPC alleged that Sule exercised control over funds totaling ₦311 billion traced to multiple bank accounts across various Nigerian banks. The Commission said the funds were allegedly received from INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly as payments for the supply of petroleum products.
The ICPC further alleged that Sule knew, or ought reasonably to have known, that the funds were proceeds of unlawful activity. The Commission also accused Sule and TMDK Terminal Limited of unlawfully retaining tax components linked to the transactions, running into hundreds of billions of naira, despite alleged knowledge that the transactions were fraudulent.
According to the prosecution, the alleged actions constitute direct handling and retention of illicit proceeds, offences that attract stiffer 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, a move legal analysts say highlights the seriousness and national significance of the case.
The arraignment has drawn public attention due to TMDK Terminal Limited’s reported business and political ties to members of the el-Rufai family, including former Governor Nasir el-Rufai and his elder brother, Bashir el-Rufai.
Sule pleaded not guilty to all charges. The presiding judge adjourned the case to January 15 for the hearing of the defendant’s bail application.
