ICPC Arraigns El-Rufai’s Associate Amadu Sule Over Alleged ₦311bn Money Laundering

By Emmanuel Kwada

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited and a known associate of former Kaduna State Governor Nasir el-Rufai, on charges related to an alleged ₦311 billion money laundering scheme.

Sule was docked on Monday, January 13, 2026, before the Federal High Court in Kaduna on a five-count charge bordering on money laundering and unlawful retention of proceeds of fraud, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the charge sheet filed by the ICPC and signed by Osuobeni Akponimisingha, Head of the agency’s High-Profile Prosecution Department, Sule allegedly exercised control over more than ₦311 billion traced to bank accounts domiciled with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.

The funds were said to have originated from several companies, including INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly as payments for the supply of petroleum products.

The ICPC alleged that Sule “reasonably ought to have known” that the transactions involved proceeds of unlawful activities. Furthermore, Sule, in connivance with TMDK Terminal Limited, is accused of unlawfully retaining tax components arising from these disputed transactions—amounting to hundreds of billions of naira—despite being aware of their allegedly fraudulent nature.

Such retention of illicit proceeds attracts enhanced penalties under Sections 18(3) and 18(4) of the Money Laundering Act, the commission stated.

Sule pleaded not guilty to all the counts. The presiding judge adjourned the matter to Thursday, January 15, 2026, for the hearing of the defendant’s bail application.

The case has attracted significant public interest 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, who are widely believed to have maintained close dealings with the company during and after Nasir el-Rufai’s tenure as governor.

This is not the first time individuals linked to the former Kaduna governor have faced ICPC scrutiny. In January 2025, the commission arraigned Jimi Lawal, a former aide to el-Rufai, on separate allegations of fraud and money laundering.

Neither Sule nor representatives of TMDK Terminal Limited have issued public comments on the allegations as of press time. The ICPC has described the prosecution as part of its ongoing efforts to tackle high-profile financial crimes and recover proceeds of corruption.

The trial is expected to resume promptly, with further developments anticipated following the bail hearing.