By Onyeanya Ebere Immaculata
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited and an associate of former Kaduna State Governor Nasir el-Rufai, over an alleged ₦311 billion money laundering scheme.
Sule appeared before the Federal High Court in Kaduna on Monday, facing five counts of money laundering and unlawful retention of proceeds of fraud, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022. The court adjourned the case to January 15 for hearing of his bail application.
According to the ICPC, Sule allegedly controlled over ₦311 billion traced to accounts in three commercial banks. The funds, reportedly payments for petroleum products, were traced to INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd, and Boaz Commodities Limited.
The commission said Sule and TMDK Terminal Limited unlawfully retained tax components of the transactions despite knowing the funds were linked to fraudulent activity. The ICPC warned that such handling of illicit proceeds attracts enhanced penalties under the Act.
The case has drawn attention due to TMDK Terminal’s business and political links with the el-Rufai family, including former Governor Nasir el-Rufai and his elder brother, Bashir el-Rufai.
