The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited and an associate of former Kaduna State Governor, Nasir el-Rufai, over an alleged ₦311 billion money laundering scheme.
Sule was brought before the Federal High Court in Kaduna on Monday on a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud, in violation of 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 multiple bank accounts held with three commercial banks.
The funds were said to have originated from INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd and Boaz Commodities Limited, reportedly paid for the supply of petroleum products.
The anti-graft agency alleged that Sule knew, or reasonably ought to have known, that the funds represented proceeds of unlawful activities.
The ICPC further accused Sule and TMDK Terminal Limited of unlawfully retaining tax components from the transactions, amounting to hundreds of billions of naira, despite allegedly being aware that the transactions were fraudulent.
The commission described the acts as direct handling and retention of illicit funds, offences which attract stiffer penalties under Sections 18(3) and 18(4) of the Act.
The charges were signed by Osuobeni Akponimisingha, Head of the ICPC’s High-Profile Prosecution Department.
The case has attracted public attention due to TMDK Terminal Limited’s reported business and political links to the el-Rufai family, including the former governor and his elder brother, Bashir El-Rufai, who are believed to have had dealings with the company during and after Nasir el-Rufai’s tenure in office.
The court adjourned the matter to January 15 for the hearing of the defendant’s bail application.
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