The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, managing director of TMDK Terminal Limited, over alleged money laundering involving more than N311 billion.
Sule, described as an associate of former Kaduna State governor Nasir el-Rufai, was brought before the Federal High Court in Kaduna on Monday. He is facing a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud.
According to the charge sheet, the ICPC alleged that Sule controlled over N311 billion traced to accounts maintained with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited. The commission said the funds were received from INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly as payments for the supply of petroleum products.
The anti-graft agency further alleged that Sule reasonably ought to have known that the funds constituted proceeds of unlawful activities. It also accused him, in connivance with TMDK Terminal Limited, of unlawfully retaining tax components arising from the transactions, despite allegedly being aware that the dealings were fraudulent.
The ICPC noted that the alleged retention of illicit proceeds attracts enhanced penalties under sections 18(3) and 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The court adjourned the case to January 15 for hearing on the defendant’s bail application.
Sule is not the first associate of the former Kaduna governor to face prosecution by the ICPC. In January 2025, the commission arraigned Jimi Lawal, a former aide to el-Rufai, over alleged fraud and money laundering.
