The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Monday arraigned Amadu Sule, Managing Director of TMDK Terminal Limited and a known associate of former Kaduna State Governor 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, including money laundering and unlawful retention of proceeds of fraud, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
The ICPC alleged that Sule exercised control over funds traced to multiple bank accounts with three commercial banks, with the money originating from companies including INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd, and Boaz Commodities Limited. These funds were reportedly paid for the supply of petroleum products.
The anti-graft agency accused Sule of knowingly handling and retaining money it described as proceeds of unlawful activities. Sule and TMDK Terminal Limited were also said to have unlawfully withheld tax components from the transactions, amounting to hundreds of billions of naira.
“The defendant directly handled and retained illicit funds, offences which attract stiff penalties under Sections 18(3) and 18(4) of the Act,” the ICPC said. The charges were signed by Osuobeni Akponimisingha, Head of the Commission’s High-Profile Prosecution Department.
The case has drawn public attention due to TMDK Terminal Limited’s business and political connections to the El-Rufai family, including Nasir El-Rufai and his elder brother, Bashir, who are believed to have engaged with the company during and after the former governor’s tenure.
The court adjourned the matter to January 15 for the hearing of Sule’s bail application.
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