The Independent Corrupt Practices and Other Related Offences Commission has arraigned the Managing Director of TMDK Terminal Limited, Amadu Sule, over allegations of money laundering involving ₦311 billion
Sule was brought before the Federal High Court sitting in Kaduna on Monday, where he was charged with five counts bordering on money laundering and unlawful retention of proceeds allegedly linked to fraudulent transactions. The charges were filed by the ICPC as part of ongoing investigations into large-scale financial crimes.
According to the anti-graft agency, Sule allegedly had control over more than ₦311 billion traced to multiple bank accounts. The accounts were reportedly domiciled with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
The ICPC told the court that the funds were allegedly funneled through payments made by several companies. These companies were identified as INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited.
Investigators claimed that the payments were presented as proceeds for the supply of petroleum products. However, the commission alleged that the transactions were fraudulent and did not reflect legitimate commercial dealings.
The prosecution further stated that Sule either knew or ought to have reasonably known that the funds in question were proceeds of unlawful activities. The ICPC maintained that his continued control and use of the funds amounted to money laundering under Nigerian law.
In addition to the allegations of money laundering, the commission accused Sule and his company, TMDK Terminal Limited, of unlawfully retaining tax components linked to the disputed transactions. The ICPC alleged that these tax deductions were withheld despite knowledge that the underlying transactions were fraudulent.
The commission argued that the alleged acts violated provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. It specifically cited sections 18(3) and 18(4) of the Act, which prescribe stiffer penalties for individuals and corporate entities found guilty of retaining or concealing proceeds of crime.
The ICPC emphasised before the court that the scale of the alleged financial misconduct makes the case particularly serious. Prosecutors noted that the law treats the retention of illicit funds as a grave offence due to its impact on economic stability and public trust.
Sule is also known to be an associate of former Kaduna State Governor, Nasir el-Rufai. While the former governor is not listed as a defendant in the case, the relationship has drawn public attention due to previous corruption cases involving individuals linked to the former administration.
During the court session, Sule’s legal team informed the court of their intention to apply for bail. The defence requested time to properly file and argue the bail application.
The presiding judge subsequently adjourned the matter to January 15, 2026. The adjournment was granted to allow the court to hear and determine the bail application filed on behalf of the defendant.
The court made it clear that Sule would remain subject to the court’s directives pending the outcome of the bail hearing. No plea was taken on the substantive charges at the session.
This development is not the first time individuals associated with the former Kaduna State administration have been arraigned by the ICPC. In January 2025, the commission arraigned Jimi Lawal, a former aide to Nasir el-Rufai.
Lawal was charged over allegations of fraud and money laundering in a separate case. That arraignment also attracted significant public interest due to its political and financial implications.
