The Independent Corrupt Practices and Other Related Offences Commission has brought money laundering charges against Amadu Sule, Managing Director of TMDK Terminal Limited and a known associate of former Kaduna State Governor Nasir el-Rufai, over allegations involving more than ₦311 billion in suspicious financial transactions.
Sule appeared on Monday before the Federal High Court in Kaduna to answer a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. The arraignment marks one of the most significant financial crime prosecutions in recent months, given the staggering sums involved and the political connections surrounding the accused.
According to the charge sheet filed by the ICPC and reviewed by PUNCH Online, Sule allegedly exercised control over funds exceeding ₦311 billion traced to accounts held with three separate banks. The anti-graft agency contends that these funds were received from INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd, and Boaz Commodities Limited, purportedly in payment for the supply of petroleum products.
The commission alleges that Sule “reasonably ought to have known” that the funds constituted proceeds of unlawful activity, a key threshold under Nigerian money laundering legislation that places responsibility on individuals to verify the legitimacy of large financial inflows. This legal standard does not require prosecutors to prove actual knowledge of criminality, but rather that a reasonable person in the accused’s position should have been suspicious of the transactions.
In addition to the money laundering charges, the ICPC has accused Sule and TMDK Terminal Limited of unlawfully retaining the tax components of the disputed transactions, which the commission says amount to hundreds of billions of naira. The anti-graft body further alleges that both the individual and the company were aware that the underlying transactions were fraudulent, yet continued to hold onto the proceeds.
The commission has characterised these actions as “direct handling and retention of illicit proceeds,” exposing both Sule and TMDK Terminal Limited to enhanced penalties under Sections 18(3) and 18(4) of the Money Laundering (Prevention and Prohibition) Act. These sections provide for aggravated sentences where offenders are found to have knowingly retained or controlled proceeds derived from criminal conduct, with potential penalties including lengthy prison terms and forfeiture of assets.
The charges were signed by Osuobeni Akponimisingha, Head of the ICPC’s High-Profile Prosecution Department, a unit established to handle cases involving substantial sums, politically exposed persons, and complex financial crimes. The involvement of this specialised department underscores the significance the commission attaches to the case and its determination to pursue accountability in high-value corruption allegations.
The case has attracted considerable public attention due to TMDK Terminal Limited’s business and political associations with the el-Rufai family. Nasir el-Rufai served as Kaduna State Governor from 2015 to 2023, a tenure marked by ambitious infrastructure projects, controversial urban renewal programmes, and periodic allegations of financial impropriety, which the former governor consistently denied. His elder brother, Bashir El-Rufai, is also believed to have had dealings with TMDK Terminal Limited during and after the former governor’s time in office, although the precise nature and extent of these associations have not been publicly detailed.
While the charges do not directly implicate the former governor or his brother, the proximity of the accused to the el-Rufai family has fuelled speculation about the scope of ongoing investigations into financial transactions linked to individuals and entities within the former administration’s orbit. The ICPC has not commented publicly on whether further arrests or charges are anticipated in connection with the case.
Nigeria’s anti-corruption agencies have intensified their scrutiny of politically connected business figures in recent years, particularly those alleged to have benefited from government contracts or leveraged political influence for financial gain. The ICPC, established in 2000, is one of three major anti-graft bodies in the country, alongside the Economic and Financial Crimes Commission and the Code of Conduct Bureau. Its mandate includes investigating and prosecuting corruption-related offences, including money laundering, bribery, and abuse of office.
Money laundering prosecutions in Nigeria have historically faced challenges, including difficulties in tracing complex financial flows, delays in judicial proceedings, and the capacity of well-resourced defendants to mount prolonged legal defences. However, recent amendments to the Money Laundering (Prevention and Prohibition) Act have strengthened the legal framework, expanding the powers of law enforcement agencies and tightening reporting requirements for financial institutions.
The matter has been adjourned to January 15 for hearing of Sule’s bail application. It remains unclear whether the accused has entered a plea or engaged legal representation, as neither the ICPC nor the court registry has released further procedural details. Bail hearings in high-profile financial crime cases often involve detailed submissions regarding flight risk, the strength of the prosecution’s case, and the potential for interference with witnesses or evidence.
