The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, managing director of TMDK Terminal Limited, over alleged N311 billion money laundering.
Sule, an associate of Nasir el-Rufai, former governor of Kaduna, was arraigned on Monday at the federal high court in Kaduna on a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud.
In the charge sheet, ICPC alleged that Sule controlled more than N311 billion traced to accounts maintained with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
The anti-graft agency said the funds were 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.
The ICPC said Sule reasonably ought to have known that the funds constituted proceeds of unlawful activities.
The commission alleged that the defendant, in connivance with TMDK Terminal Limited, unlawfully retained tax components arising from the disputed transactions despite allegedly being aware that the dealings were fraudulent.
According to ICPC, the 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 hearing in the defendant’s bail application.
Sule is not the first ally of the former governor of Kaduna, who has been arraigned by ICPC.
In January 2025, the agency arraigned Jimi Lawal, an ex-aide to el-Rufai, over alleged fraud and money laundering.
