The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has brought Amadu Sule, the managing director of TMDK Terminal Limited, before the Federal High Court in Kaduna over allegations of money laundering involving more than N311 billion.
Sule, who is described as a close ally of former Kaduna State governor Nasir el-Rufai, was arraigned on Monday, January 12, on a five-count charge relating to money laundering and the unlawful possession of suspected proceeds of crime.
According to court filings, the ICPC alleged that Sule exercised control over sums exceeding N311 billion, which were traced to bank accounts operated with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
The commission further claimed that the funds originated from transactions involving INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited. The payments, it was learned, were presented as proceeds from the supply of petroleum products.
ICPC maintained that Sule ought to have been aware that the funds were linked to illegal activities. The agency also accused him, acting alongside TMDK Terminal Limited, of unlawfully retaining tax components connected to the questioned transactions, despite allegedly knowing that the deals were fraudulent.
The commission noted that the alleged retention of the funds attracts stiffer punishment under sections 18(3) and 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The presiding judge adjourned the case until January 15 to hear arguments on the defendant’s bail application.
Sule’s arraignment adds to a growing list of individuals linked to the former Kaduna governor who have faced prosecution by the anti-graft agency. In January 2025, ICPC similarly arraigned Jimi Lawal, a former aide to el-Rufai, on allegations bordering on fraud and money laundering.
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