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 appeared before the Federal High Court in Kaduna on a five-count charge of money laundering and unlawful retention of proceeds of fraud, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The ICPC charge sheet alleges that Sule exercised control over ₦311 billion held in multiple bank accounts across Nigeria. The funds were reportedly received from INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited as payments for petroleum product supplies. The Commission contends that Sule knew, or ought to have known, that the funds were proceeds of unlawful activity.
The Commission further alleged that Sule, together with TMDK Terminal Limited, unlawfully retained the tax components of the disputed transactions, running into hundreds of billions of naira, despite awareness that the underlying transactions were fraudulent.
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According to the ICPC, these acts constitute direct handling and retention of illicit proceeds, offences that attract enhanced penalties under Sections 18(3) and 18(4) of the Money Laundering Act.
The charges were signed by Dr. Osuobeni Ekoi Akponimisingha, Head of ICPC’s High-Profile Prosecution Department, highlighting the national significance of the case, legal analysts say.
The matter has drawn public attention due to TMDK Terminal Limited’s business and political ties to 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 trial judge adjourned the case to January 15 for the hearing of the defendant’s bail application.
