The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned a businessman and alleged associate of former Kaduna State Governor, Malam Nasir el-Rufai, over an alleged ₦311 billion money laundering scheme.

The suspect, Amadu Sule, Managing Director of TMDK Terminal Limited, was on Monday 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.

The charges, filed under the Money Laundering (Prevention and Prohibition) Act, 2022, allege that Sule exercised control over funds exceeding ₦311 billion lodged in accounts maintained with Fidelity Bank, Stanbic IBTC, and Providus Bank.

According to the ICPC, the funds were traced to payments allegedly received from INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly for the supply of petroleum products.

The anti-graft agency contends that Sule “reasonably ought to have known” that the funds represented proceeds of unlawful activity, adding that the transactions were structured to disguise their true origin.

The Commission further accused Sule and his company of unlawfully retaining tax components of the disputed transactions—amounting to hundreds of billions of naira—despite allegedly being aware that the underlying deals were fraudulent.

ICPC described the alleged acts as direct handling and retention of illicit proceeds, offences that attract enhanced penalties under Sections 18(3) and 18(4) of the Act.

The charge was signed by Dr. Osuobeni Ekoi Akponimisingha, Head of ICPC’s High-Profile Prosecution Department, a move analysts say underscores the gravity and national significance of the case.

The arraignment has generated widespread public interest, particularly due to TMDK Terminal Limited’s reported business and political links with the el-Rufai family, including the former governor and his elder brother, Bashir el-Rufai.

The trial judge adjourned the matter to January 15 for hearing of the defendant’s bail application.