…Agency arraigns TMDK boss, ignites fresh scrutiny of ex-governor’s inner circle
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has moved decisively against the inner business circle of former Kaduna State governor, Malam Nasir el-Rufai, arraigning one of his closest known associates over an alleged ₦311 billion money-laundering scheme.
Amadu Sule, Managing Director of TMDK Terminal Limited, was on Tuesday docked before the Federal High Court in Kaduna 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, Sule allegedly exercised control over more than ₦311 billion funnelled through multiple bank accounts domiciled with Fidelity Bank, Stanbic IBTC and Providus Bank. The funds were said to have been received from INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd and Boaz Commodities Limited, purportedly as payments for the supply of petroleum products.
The anti-corruption agency insists that the sheer scale, pattern and source of the inflows were such that Sule “reasonably ought to have known” that the monies represented proceeds of unlawful activity.
Beyond the alleged laundering, the ICPC further accused Sule and his company, TMDK Terminal Limited, of unlawfully retaining tax components embedded in the transactions, running into billions of naira, despite allegedly being aware that the underlying deals were fraudulent.
The Commission described the acts as direct handling, control and retention of illicit proceeds, exposing both the accused and his firm to enhanced penalties under Sections 18(3) and 18(4) of the Act.
The charges were endorsed by Dr. Osuobeni Ekoi Akponimisingha, Head of ICPC’s High-Profile Prosecution Department, a development legal observers say underscores the gravity, national importance and political sensitivity of the case.
The arraignment has reignited public scrutiny of TMDK Terminal Limited’s long-standing business and political ties to the el-Rufai family. The company is widely believed to have maintained close dealings with former Governor Nasir el-Rufai and his elder brother, Bashir el-Rufai, during and after el-Rufai’s eight-year tenure in Kaduna State: connections now drawing intense attention as the prosecution unfolds.
While Nasir el-Rufai is not listed as a defendant in the charge, the ICPC’s move is being widely interpreted as a direct probe into the financial ecosystem around the former governor, signalling that the anti-graft agency may be “gunning” for bigger names as investigations deepen.
The court has adjourned the matter to January 15 for the hearing of the accused’s bail application.