ICPC to Prosecute Contractor Over Alleged $65 Million Money Laundering

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has received approval to prosecute contractor Mr. Tarry Rufus and his company, Good Earth Power Nigeria Limited, on charges of alleged money laundering involving $65 million.

This development follows the dismissal of an application by Rufus to prevent the ICPC from pursuing the case. The Federal High Court in Abuja ruled that there was enough evidence to support a prima facie case of misappropriation, allowing the prosecution to proceed.

Rufus, alongside former officials from the Federal Mortgage Bank of Nigeria (FMBN)—Mr. Gimba Kumo Ya’u (former MD/CEO) and Mr. Bola Ogunsola (former Executive Director)—is accused of diverting the $65 million intended for the construction of 962 residential units in the Kubwa District of Abuja.

ICPC spokesperson, Demola Bakare, stated that the court dismissed the claim of unlawful detention, as Rufus failed to provide sufficient evidence to support his allegations. The court also ruled that the ICPC and EFCC did not violate his rights by denying bail, as his failure to meet bail conditions did not constitute a breach of his fundamental rights.

The ICPC has previously accused Rufus and his company of illegally transferring $3.55 million in cash, violating the Money Laundering (Prevention and Prohibition) Act. The commission also claims that Rufus and his company converted nearly one billion naira into US dollars and handed the sum to an individual, Jason Rosamond, in cash.

In response, Rufus filed an application in December 2023, requesting that the court halt the ICPC and EFCC from involving him in the case. He argued that he had not committed any wrongdoing in executing the contract and demanded the release of documents related to land titles obtained during his administrative bail. He further sought N500 million in damages, accusing the ICPC, EFCC, and FMBN of launching a baseless criminal prosecution against him.