ICPC To Prosecute Contractor For $65m Money Laundering

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has been cleared to prosecute a contractor, Mr. Tarry Rufus, and his company for alleged $65 million money laundering charges.

This comes after a Federal High Court in Abuja dismissed the contractor’s application to stop the ICPC from prosecuting him and his company.

Rufus, the chief executive of Good Earth Power Nigeria Limited, is being prosecuted by the ICPC alongside the former managing director/chief executive officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr Gimba Kumo Ya’u, and the former executive director of FMBN, Mr. Bola Ogunsola, over an alleged diversion of $65,000,000 meant for the development of 962 units of residential housing in the Kubwa District of Abuja.

ICPC spokesperson DeMrmola Bakare, in a statement, said Justice Yilwa Joseph of the Federal High Court, Maitama, Abuja, upheld that the evidence before the court proved that a prima facie case of alleged misappropriation had been established through legal investigation. Thus, the court could not hinder the ICPC “from carrying out and performing its statutory duties”.

She noted that the Applicant’s suit of illegal detention was unfounded, as the court was not provided with evidence to prove it.

The court added that Mr Rufus’s inability to “fulfil the bail conditions, therefore, cannot be seen to have amounted to the breach of his fundamental rights by the ICPC and EFCC”.

ICPC had previously accused Mr Rufus and his company, Good Earth Power Nigeria Limited, of giving and receiving $3,550,000.00 of the contract sum in cash in contravention of the Money Laundering Act.

They were also suspected of having directly converted the sum of N991,399,255 into $3,550,000.00 and handing over the same to one Jason Rosamond in cash, contrary to Section 18(2) (b) and punishable under Section 18 (a) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

However, Mr Rufus filed a court application in December 2023 to stop the ICPC and the EFCC from inviting or involving him in the case over the alleged $65 million fraud purportedly perpetrated by the Ex-managing Director of FMBN, Mr Gimba Kumo Ya’u.

In his application, he argued that he had committed no infraction while executing the contentious contract, asking that the court order both the ICPC and EFCC to release all documents of the land title received on the occasion of the administrative bail he was granted.

In his application, he further claimed that ICPC’s detention during their investigation was unlawful and a violation of his fundamental human rights violated

He subsequently implored the court to award N500 million against the ICPC, EFCC and FMBN “for initiating frivolous criminal persecution” against him.