Deborah Akinyosoye
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Monday arraigned the Managing Director of TMDK Terminal Limited, Amadu Sule, over an alleged N311 billion money laundering scheme.
Sule, who is said to be an associate of a former Governor of Kaduna State, Nasir el-Rufai, was docked before a 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.
According to the charge sheet filed by the anti-graft agency, Sule allegedly exercised control over more than N311 billion traced to accounts maintained with Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
The ICPC stated that the funds were received from INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly as payments for the supply of petroleum products.
The Commission contended the defendant reasonably ought to have known that the funds constituted proceeds of unlawful activities.
It further alleged that Sule, in connivance with TMDK Terminal Limited, unlawfully retained tax components arising from the disputed transactions, amounting to hundreds of billions of naira, despite allegedly being aware that the transactions were fraudulent.
The ICPC described the alleged acts as direct handling and retention of illicit proceeds, an offence which attracts enhanced penalties under Sections 18(3) and 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges were signed by the Head of the Commission’s High-Profile Prosecution Department, Dr. Osuobeni Ekoi Akponimisingha.
The court adjourned the matter to January 15 for hearing in the defendant’s bail application.