The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has taken Amadu Sule, Managing Director of TMDK Terminal Limited, to court over an alleged N311billion money laundering scheme.
Sule, described by investigators as a close associate of former Kaduna State Governor Nasir El-Rufai, was arraigned before the Federal High Court in Kaduna.
He is facing five counts bordering on money laundering and unlawful retention of suspected proceeds of fraud, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the ICPC, Sule allegedly “exercised control over more than N311bn” moved through accounts domiciled with Fidelity Bank, Stanbic IBTC and Providus Bank.
The funds were said to have originated 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 stated that Sule “reasonably ought to have known” that the funds were proceeds of unlawful activities.
The ICPC further accused Sule and TMDK Terminal Limited of unlawfully retaining tax components linked to the transactions, amounting to hundreds of billions of naira, despite allegedly knowing that the deals were fraudulent.
The commission described the acts as “direct handling and retention of illicit proceeds”, warning that both the individual and the company face stiffer penalties under the law.
The charges were signed by the Head of ICPC’s High-Profile Prosecution Department, Dr Osuobeni Ekoi Akponimisingha, a move legal observers say underscores the seriousness and sensitivity of the case.
Public interest in the trial has been high, largely due to TMDK Terminal Limited’s reported business and political links with the El-Rufai family, including the former governor and his elder brother, Bashir El-Rufai.
The court adjourned the matter to January 15 to hear Sule’s bail application.
