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 ₦311 billion.
Sule, described as an associate of former Kaduna State Governor Nasir el-Rufai, was arraigned on Monday before the Federal High Court in Kaduna on 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 ₦311 billion traced to multiple bank accounts maintained with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
The anti-graft agency said the funds were allegedly 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.
ICPC further alleged that Sule ought to have reasonably known that the funds were proceeds of unlawful activities. The commission also accused him, in collaboration with TMDK Terminal Limited, of unlawfully retaining tax components arising from the transactions, despite allegedly being aware that the dealings were fraudulent.
According to the commission, 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 matter to January 15 for the hearing of 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 allegations of fraud and money laundering.
