-
Amadu Sule arraigned by ICPC at Federal High Court, Kaduna, on five counts of money laundering and unlawful retention of ₦311 billion.
-
Funds allegedly traced to Fidelity Bank, Stanbic IBTC, and Providus Bank, funneled through companies like INT Towers and Boaz Commodities.
-
Bail application filed, court adjourned to January 15, 2026, no plea taken on substantive charges.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned Amadu Sule, Managing Director of TMDK Terminal Limited, over alleged money laundering involving ₦311 billion.
Sule appeared before the Federal High Court in Kaduna on Monday, facing five charges related to money laundering and unlawful retention of proceeds allegedly linked to fraudulent transactions.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
The ICPC stated that Sule controlled over ₦311 billion held across multiple bank accounts at Fidelity Bank Plc, Stanbic IBTC Bank Plc, and Providus Bank Limited.
Investigations revealed that the funds were channeled through payments from companies including INT Towers Limited, IHS Nigeria Limited, IHS Towers NG Limited, and Boaz Commodities Limited, purportedly for the supply of petroleum products.
The ICPC alleged that these transactions were fraudulent and not legitimate commercial activities.
READ ALSO: ICPC rejects Dangote’s request to withdraw petition against ex-NMDPRA boss Farouk Ahmed
The commission further accused Sule and TMDK Terminal Limited of unlawfully retaining tax components from the disputed transactions, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022, citing sections 18(3) and 18(4).
Sule, who is associated with former Kaduna State Governor Nasir el-Rufai, did not enter a plea at the session. His legal team filed for bail, and the court adjourned proceedings to January 15, 2026, while Sule remains under the court’s directives pending the bail hearing.
This case adds to the series of high-profile anti-corruption investigations involving individuals linked to the former Kaduna State administration, following previous arraignments such as that of Jimi Lawal in January 2025.
