The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Monday arraigned Mr Amadu Sule, Managing Director of TMDK Terminal Limited, before the Federal High Court in Kaduna over an alleged ₦311 billion money laundering scheme.
Sule was docked on a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the charge sheet filed by the ICPC, the defendant allegedly exercised control over more than ₦311 billion traced to accounts held with three banks.
The commission alleged that the funds were received from INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd and Boaz Commodities Limited, purportedly for the supply of petroleum products.
The ICPC contended that Sule “reasonably ought to have known” that the funds constituted proceeds of unlawful activity.
The anti-graft agency further alleged that Sule and TMDK Terminal Limited unlawfully retained the tax components of the disputed transactions, amounting to hundreds of billions of naira, despite allegedly being aware that the underlying transactions were fraudulent.
It described the actions as 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 charges were signed by Mr Osuobeni Akponimisingha, Head of the ICPC’s High-Profile Prosecution Department.
The case has attracted public attention due to the business and political associations of TMDK Terminal Limited with the El-Rufai family, including former Kaduna State Governor, Nasir El-Rufai, and his elder brother, Bashir El-Rufai.
The court adjourned the matter to Jan. 15 for the hearing of the accused’s bail application.
