The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited and a known associate of former Kaduna State Governor Nasir el-Rufai, on charges of money laundering involving over ₦311 billion.
Sule appeared before the Federal High Court in Kaduna on Monday, facing a five-count charge that includes money laundering and unlawful retention of proceeds of fraud, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the charge sheet filed by the ICPC, Sule allegedly exercised control over more than ₦311 billion traced to accounts held with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
The funds were reportedly received from companies including INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly as payments for the supply of petroleum products.
The anti-graft agency alleged that Sule reasonably ought to have known that these funds constituted proceeds of unlawful activities.
Furthermore, Sule, in connivance with TMDK Terminal Limited, is accused of unlawfully retaining tax components from the disputed transactions, despite awareness that the dealings were fraudulent.
Such retention of illicit proceeds attracts enhanced penalties under Sections 18(3) and 18(4) of the Act.Sule pleaded not guilty to all the charges.
The presiding judge adjourned the case to January 15, 2026, for the hearing of the defendant's bail application.
The arraignment has drawn significant attention due to Sule's reported close ties to el-Rufai.
This is not the first time individuals linked to the former governor have faced ICPC scrutiny; in January 2025, the commission arraigned Jimi Lawal, a former aide to el-Rufai, on separate allegations of fraud and money laundering.
Neither Sule nor representatives of TMDK Terminal Limited have issued public comments on the allegations at the time of this report.
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