The Independent Corrupt Practices and Other Related Offences Commission has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited, before the Federal High Court in Kaduna over alleged money laundering involving N311bn.
Sule, described as an associate of a former Governor of Kaduna State, Nasir el Rufai, was brought before the court on Monday on a five count charge bordering on money laundering and unlawful retention of proceeds allegedly linked to fraudulent transactions.
According to the charge, the anti graft agency alleged that Sule exercised control over funds exceeding N311bn traced to multiple bank accounts maintained with Fidelity Bank Plc, Stanbic IBTC Bank Plc and Providus Bank Limited.
The commission further alleged that the funds were received from several companies, including INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited and Boaz Commodities Limited. The payments were said to have been presented as proceeds from the supply of petroleum products.
ICPC told the court that Sule reasonably ought to have known that the funds constituted proceeds of unlawful activities. It also accused the defendant of acting in concert with TMDK Terminal Limited to unlawfully retain tax components arising from the transactions, despite allegedly being aware that the dealings were fraudulent.
The commission noted that the alleged offences contravene provisions of the Money Laundering Prevention and Prohibition Act 2022, which prescribes stiffer penalties for unlawful retention of illicit proceeds.
The trial court adjourned the case to January 15 to hear the defendant’s bail application.
Sule is not the first associate of the former Kaduna governor to face prosecution by the commission, as a former aide was previously arraigned on similar allegations.
