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 arraigned before the Federal High Court in Kaduna on a five-count charge 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, the defendant allegedly exercised control over funds amounting to ₦311 billion traced to several bank accounts domiciled with various banks in Nigeria.
The Commission alleged that the funds were received from INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly as payment for the supply of petroleum products.
It further contended that Sule knew, or reasonably ought to have known, that the funds constituted proceeds of unlawful activity.
ICPC also alleged that Sule, alongside TMDK Terminal Limited, unlawfully retained the tax components of the disputed transactions, running into hundreds of billions of naira, despite allegedly being aware that the underlying transactions were fraudulent.
According to the Commission, the alleged acts amount to the direct handling and retention of illicit proceeds, offences that attract 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, a development legal analysts say underscores the gravity and national importance of the case.
The matter has attracted public attention due to TMDK Terminal Limited’s business and political associations with 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 the charges. The trial judge subsequently adjourned the case to January 15 for hearing of the defendant’s bail application
