Crime

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

Published by admin on January 14th, 2026.

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

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, managing director of TMDK Terminal Limited and an associate of former Kaduna State Governor Nasir El-Rufai, over alleged money laundering involving ₦311 billion. Sule was charged on Monday at the Federal High Court in Kaduna with five counts relating to money laundering and unlawful retention of proceeds of fraud.

According to the ICPC, Sule allegedly controlled accounts containing over ₦311 billion held with Fidelity Bank, Stanbic IBTC Bank, and Providus Bank. The funds were reportedly transferred from companies including INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited as purported payments for petroleum products. The commission claimed that Sule “ought to have known” that the funds were derived from illegal activities.

The anti-graft agency further alleged that Sule, through TMDK Terminal Limited, unlawfully retained tax components from the disputed transactions, despite being aware that the dealings were fraudulent. The ICPC said such retention of illicit funds attracts heavier penalties under sections 18(3) and 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022. The court adjourned the matter to January 15 for a hearing on Sule’s bail application. Sule is not the first ally of El-Rufai to face ICPC action; in January 2025, the agency arraigned Jimi Lawal, a former aide to the ex-governor, on similar fraud and money laundering allegations.