The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned a close associate of former Governor of Kaduna State, Mallam Nasir El-Rufai, Amadu Sule, who is the Managing Director of TMDK Terminal Limited, over an alleged ₦311 billion money laundering scheme.
Sule was arraigned on Monday before the Federal High Court sitting in Kaduna on a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the charge sheet filed by the ICPC, Sule allegedly exercised control over more than ₦311 billion traced to accounts held with Fidelity Bank, Stanbic IBTC, and Providus Bank. The funds were reportedly received from INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd, and Boaz Commodities Limited, purportedly for the supply of petroleum products.
The anti-graft agency contended that Sule reasonably ought to have known that the funds constituted proceeds of unlawful activity.
ICPC further alleged that Sule and TMDK Terminal Limited unlawfully retained the tax components of the disputed transactions—amounting to hundreds of billions of naira—despite allegedly being aware that the underlying transactions were fraudulent.
Meanwhile, the Commission has described the actions as “direct handling and retention of illicit proceeds, exposing both the individual and the company to enhanced penalties under Sections 18(3) and 18(4) of the Act.”
The charges were signed by Dr. Osuobeni Ekoi Akponimisingha, Head of ICPC’s High-Profile Prosecution Department.
Underscoring the gravity of the case, legal analysts noted that the involvement of the Commission’s high-profile prosecution unit reflected both the national importance and political sensitivity of the matter.
The case has further drawn significant public attention due to TMDK Terminal Limited’s longstanding business and political associations with the el-Rufai family, including former Governor Nasir el-Rufai and his elder brother, Bashir El-Rufai, who are widely believed to have maintained close dealings with the company during and after Nasir el-Rufai’s tenure as governor.
The case has been adjourned to January 15 for hearing of the accused’s bail application.
