The Independent Corrupt Practices and Other Related Offences Commission, (ICPC), has arraigned Amadu Sule, managing director of TMDK Terminal Limited, over alleged ₦311 billion money laundering.
Sule, an associate of Nasir el-Rufa’i, former governor of Kaduna state, was arraigned on Monday at the Federal High Court in Kaduna on a 5-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 three banks.
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 contends that Sule reasonably ought to have known that the funds constituted proceeds of unlawful activity.
The 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.
The Commission 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 the Head of ICPC’s High-Profile Prosecution Department, Osuobeni Akponimisingha.
The case has drawn public attention due to TMDK Terminal Limited’s business and political associations with the el-Rufa”i family, including the former governor and his elder brother, Bashir el-Rufa”i, who are believed to have had dealings with the company during and after Nasir el-Rufai’s tenure as governor.
The court adjourned the case for ruling on bail, ordering Sule to be remanded pending the determination.
