Kaduna, January 13, 2026 – 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 Malam Nasir el-Rufai, over an alleged ₦311 billion money laundering scheme.
Sule was arraigned before the Federal High Court in Kaduna on a five-count charge including money laundering and unlawful retention of proceeds of fraud, contrary to the Money Laundering (Prevention and Prohibition) Act, 2022. The charges were signed by Dr. Osuobeni Ekoi Akponimisingha, Head of ICPC’s High-Profile Prosecution Department, highlighting the political and national significance of the case.
Alleged Money Laundering and Fraud
According to ICPC, Sule exercised control over more than ₦311 billion traced to accounts in Fidelity Bank, Stanbic IBTC, and Providus Bank. The funds were allegedly received from INT Towers Limited, IHS Nigeria Ltd, IHS Towers NG Ltd, and Boaz Commodities Limited for purported petroleum product supplies.
The anti-graft agency claims that Sule knew or ought to have known that the funds were proceeds of unlawful activity. ICPC further alleges that TMDK Terminal Limited unlawfully retained tax components of the disputed transactions, totaling hundreds of billions of naira, despite being aware of the fraudulent nature of the underlying deals.
“The actions constitute direct handling and retention of illicit proceeds, exposing both the company and the individual to enhanced penalties under Sections 18(3) and 18(4) of the Money Laundering Act,” the Commission stated.
Political Connections Under Scrutiny
The case has drawn significant public attention due to TMDK Terminal Limited’s long-standing business ties with the el-Rufai family, including former Governor Nasir el-Rufai and his elder brother, Bashir el-Rufai. The company is widely believed to have maintained close dealings with the family during and after Nasir el-Rufai’s tenure, adding a politically sensitive dimension to the proceedings.
Read More: Sudanese Military Aircraft Crash Claims 19 Lives
Legal experts note that the involvement of ICPC’s high-profile prosecution unit reflects the gravity and national importance of the allegations.
The matter has been adjourned to January 15, 2026, for the hearing of Sule’s bail application. Observers expect heightened media coverage given the size of the alleged fraud and the political affiliations involved.
