From Femi Oyelola, Kaduna
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has charged Amadu Sule, the Managing Director of TMDK Terminal Limited and a known associate of former Kaduna State Governor Malam Nasir el-Rufai, in connection with ₦311 billion money laundering scheme.
Sule was arraigned on Monday before the Federal High Court in Kaduna, facing a five-count indictment related to money laundering and the unlawful retention of proceeds from fraudulent activities, in violation of the Money Laundering (Prohibition) Act of 2022.
According to the charge sheet submitted by the ICPC, Sule allegedly controlled more than ₦311 billion, which was traced to accounts at Fidelity Bank, Stanbic IBTC, and Providus Bank. 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 argues that Sule should have reasonably known that the funds were the proceeds of illegal activity. Additionally, ICPC alleges that Sule and TMDK Terminal Limited unlawfully retained the tax components of the disputed transactions, which amounted to hundreds of billions of naira, despite being aware that the underlying transactions were fraudulent.
The Commission describes these actions as direct handling and retention of illicit proceeds, which exposes both Sule and TMDK Terminal Limited to enhanced penalties under Sections 18(3) and 18(4) of the Act.
These charges were signed by Dr. Osuobeni Ekoi Akponimisingha, Head of ICPC’s High-Profile Prosecution Department, emphasizing the seriousness of the case.
Legal analysts note that the involvement of the Commission’s high-profile prosecution unit highlighted both the national significance and political sensitivity of this matter.
The case has captured considerable public attention due to TMDK Terminal Limited’s long-standing business and political ties with the el-Rufai family, including former Governor Nasir el-Rufai and his elder brother, Bashir El-Rufai, who are believed to have had close dealings with the company during and after Nasir el-Rufai’s tenure as governor.
The hearing for the accused bail application has been scheduled for January 15.
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