The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned the managing director of TMDK Terminal Limited, Amadu Sule, over allegations of money laundering involving a staggering sum of ₦311 billion.
Naijaonpoint reports that Sule, an associate of former Kaduna State Governor Nasir el-Rufai, was brought before the Federal High Court in Kaduna on Monday to face a five-count charge of money laundering and unlawful retention of proceeds from fraudulent activities.
The ICPC alleged that Sule had control over more than N311 billion, which was traced to accounts held with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
According to the commission, these funds were allegedly received from companies including INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited under the guise of payments for the supply of petroleum products.
The anti-graft agency further claimed that Sule should have known that these funds were proceeds of unlawful activities.
Additionally, it was alleged that Sule, in collaboration with TMDK Terminal Limited, unlawfully retained tax components arising from the disputed transactions, despite knowing the transactions were fraudulent.
The ICPC emphasised that the retention of illicit proceeds in this case is a serious offence under the Money Laundering (Prevention and Prohibition) Act, 2022, which stipulates enhanced penalties under sections 18(3) and 18(4).
The court adjourned the matter to January 15, 2026, for a hearing on the defendant’s bail application. Sule’s legal team is expected to present their case for bail on the adjourned date.
This is not the first time an ally of former Governor Nasir el-Rufai has faced legal challenges from the ICPC. In January 2025, Jimi Lawal, a former aide to el-Rufai, was arraigned by the commission over alleged fraud and money laundering.