ICPC Arraigns El-Rufai Family Business Associate Amadu Sule Over Alleged ₦311bn Money Laundering.
By Bala Salihu Dawakin Kudu
Democracy Newsline
Kaduna, January 15, 2026.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited and a known business associate of former Kaduna State governor, Nasir el-Rufai, over an alleged ₦311 billion money laundering scheme, in a case that has intensified public and political scrutiny.
Sule was brought before the Federal High Court sitting in Kaduna on a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. He pleaded not guilty to all charges.
The prosecution, led by the Head of ICPC’s High-Profile Prosecution Department, Dr. Osuobeni Ekoi Akponimisingha, signaled the gravity and national importance of the case, which investigators say involves complex financial transactions spanning multiple banks and corporate entities.
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According to the charge sheet, Sule allegedly exercised control over more than ₦311 billion traced to accounts domiciled in Fidelity Bank, Stanbic IBTC, and Providus Bank. The funds were reportedly received from companies including INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd, and Boaz Commodities Limited, ostensibly for the supply of petroleum products.
ICPC contends that Sule “reasonably ought to have known” that the funds constituted proceeds of unlawful activity. The Commission further alleges that Sule and TMDK Terminal Limited unlawfully retained tax components linked to the disputed transactions—running into hundreds of billions of naira—despite being aware that the underlying deals were fraudulent.
The case has attracted heightened attention due to TMDK Terminal Limited’s longstanding business and political associations with the el-Rufai family, including former governor Nasir el-Rufai and his elder brother, Bashir el-Rufai. While no formal charges have been filed against members of the el-Rufai family, analysts say the alleged connections underscore the broader governance and accountability questions surrounding the matter.
ICPC described the alleged actions as direct handling and retention of illicit proceeds, exposing the accused to enhanced penalties under Sections 18(3) and 18(4) of the Act, which carry stiff fines and custodial sentences upon conviction.
The court adjourned the case to January 15, 2026, for hearing of the accused’s bail application, as investigations into the wider transaction trail are said to be ongoing.
(DEMOCRACY NEWSLINE NEWSPAPER, JANUARY 15TH 2026)
