The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned the TMDK Terminal Managing Director, Amadu Sule, for allegedly engaging in ₦311 billion money laundering scheme.
Sule, an associate of former Kaduna State Governor Nasir el-Rufai, was arraigned by the ICPC on a five-count charge bordering on unlawful retention of fraud proceeds.
While arraigning the TMDK Terminal boss on Tuesday, the anti-corruption agency stated that Sule’s decision to retain the fund exposed both the accused and the company to enhanced penalties under Nigerian law.
The ICPC charge sheet, filed and signed by Osuobeni Akponimisingha, Head of the High-Profile Prosecution Department, claims Sule exercised control over more than ₦311 billion traced to accounts in three banks.
The funds were reportedly received from INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd, and Boaz Commodities Limited, allegedly for the supply of petroleum products. “The accused reasonably ought to have known that the funds constituted proceeds of unlawful activity,” the ICPC alleged.
Sule was arraigned on Monday before the Federal High Court in Kaduna. The commission also accused him and TMDK Terminal Limited of unlawfully retaining tax components of the disputed transactions, worth hundreds of billions of naira, despite being aware that the underlying dealings were fraudulent.
“This constitutes direct handling and retention of illicit proceeds, exposing both the individual and the company to enhanced penalties under Sections 18(3) and 18(4) of the Act,” the charge sheet reads.
The case has attracted attention due to TMDK Terminal Limited’s business and political links with the El-Rufai family, including former Governor Nasir El-Rufai and his elder brother, Bashir El-Rufai, who are reported to have had dealings with the company during and after Nasir El-Rufai’s tenure.
The Federal High Court in Kaduna adjourned the case to January 15 for the hearing of Sule’s bail application, with proceedings expected to resume promptly.
