The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed charges against Amadu Sule, the managing director of TMDK Terminal Limited, over allegations of N311 billion money laundering.
Sule, identified as an associate of Nasir el-Rufai, former governor of Kaduna, appeared at the federal high court in Kaduna on Monday to answer a five-count charge related to money laundering and unlawful possession of suspected fraud proceeds.
According to the charge sheet, ICPC alleged that Sule handled more than N311 billion linked to accounts held in Fidelity Bank Plc, Stanbic IBTC Bank Plc and Providus Bank Limited.
The commission claims the money was received from INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, reportedly as payments for petroleum product supplies.
ICPC maintained that Sule ought to have reasonably known that the funds represented proceeds of unlawful activities.
The agency further alleged that Sule, working with TMDK Terminal Limited, unlawfully withheld tax components from the flagged transactions despite allegedly being aware of the fraudulent nature of the dealings.
ICPC stated that retaining illicit funds attracts stricter punishments under sections 18(3) and 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The court scheduled January 15 for hearing on Sule’s bail application.
Sule joins the list of associates of the former Kaduna governor who have been brought to court by ICPC.
In January 2025, the commission charged Jimi Lawal, one-time aide to el-Rufai, over similar allegations involving fraud and money laundering.