ICPC Arraigns TMDK Terminal MD Over Alleged ₦311bn Money Laundering

ICPC Arraigns TMDK Terminal MD Over Alleged ₦311bn Money Laundering
Funds traced to multiple bank accounts and corporate transactions
Court adjourns case to January 15, 2026 for bail hearing

The Independent Corrupt Practices and Other Related Offences Commission has arraigned the Managing Director of TMDK Terminal Limited, Amadu Sule, over alleged money laundering involving ₦311 billion.

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EKO HOT BLOG reports that Sule was on Monday brought before the Federal High Court in Kaduna to face a five count charge bordering on money laundering and unlawful retention of proceeds of fraudulent activities.

According to the charge, the ICPC alleged that Sule had control over more than ₦311 billion traced to accounts domiciled with Fidelity Bank Plc, Stanbic IBTC Bank Plc and Providus Bank Limited.

The commission told the court that the funds were allegedly received from several companies, including INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited and Boaz Commodities Limited. The payments were said to have been made under the guise of transactions for the supply of petroleum products.

The ICPC further alleged that Sule ought to have known that the funds constituted proceeds of unlawful activities, given the nature and structure of the transactions involved.

In addition, the anti graft agency accused Sule and TMDK Terminal Limited of unlawfully retaining tax components arising from the transactions, despite allegedly being aware that the deals were fraudulent.

The commission stressed that the alleged actions contravened provisions of the Money Laundering Prevention and Prohibition Act 2022, noting that unlawful retention of illicit proceeds attracts enhanced penalties under sections 18(3) and 18(4) of the law.

After taking the plea of the defendant, the court adjourned the matter to January 15, 2026, for hearing of Sule’s bail application. His legal team is expected to argue the application on the adjourned date.

The case adds to a growing list of legal battles involving associates of former Kaduna State Governor, Nasir el Rufai. In January 2025, a former aide to the ex governor, Jimi Lawal, was also arraigned by the ICPC over alleged fraud and money laundering.