Court Dismisses Contractor’s Application to Stop ICPC from Prosecuting $65 Million Money Laundering Case

Court Dismisses Contractor’s Application to Stop ICPC from Prosecuting $65 Million Money Laundering Case

A Federal High Court sitting in Abuja has dismissed an application made by contractor Mr. Tarry Rufus, the Chief Executive Officer of Good Earth Power Nigeria Limited, aimed at halting the Independent Corrupt Practices and Other Related Offences Commission (ICPC) from prosecuting him and his company in a high-stakes $65 million money laundering case.

The court, presided over by Honourable Justice Yilwa H. Joseph, ruled that substantial evidence presented during legal investigations indicated a prima facie case of misappropriation against Mr. Rufus, Mr. Gimba Kumo Ya’u (former Managing Director/CEO of the Federal Mortgage Bank of Nigeria), and Mr. Bola Ogunsola (former Executive Director of FMBN).

According to a statement signed on Monday by Demola Bakare, Director, Public Enlightenment and Education/ Spokesperson for the Commission, the investigation centers around alleged diversions of funds intended for the development of 962 residential housing units in the Kubwa District of Abuja.

Justice Joseph remarked that the ICPC is fully authorized to carry out its statutory duties, emphasizing that the court’s role is not to obstruct the lawful investigations of the Commission.

The judge further noted that Mr. Rufus’s claims regarding illegal detention lacked sufficient evidence, stating, “the inability of the Applicant to fulfill the bail conditions therefore cannot be seen to have amounted to the breach of his fundamental rights by the ICPC and EFCC.”

The court’s decision comes following allegations that Mr. Rufus and his company engaged in unlawful financial activities, including handing over a staggering $3.55 million in cash, in violation of the Money Laundering Act.

These allegations include the conversion of N991 million into dollars, which was reportedly delivered in cash to a man named Jason Rosamond, contravening pertinent sections of the Money Laundering (Prevention and Prohibition) Act of 2022.

In December 2023, Mr. Rufus sought to have the ICPC and the Economic and Financial Crimes Commission (EFCC) barred from pursuing him regarding the alleged fraud, arguing in his application that he had not committed any infractions in the execution of his contract. He also demanded the release of all relevant documents concerning land titles, which he was granted during an administrative bail.

Claiming unlawful detention throughout the investigation, Mr. Rufus sought compensation of N500 million for what he labeled “frivolous criminal persecution” instigated by the ICPC, EFCC, and FMBN.

In response, ICPC Counsel O.B. Odogun contended that the Commission operates under statutory authority, meticulously examining petitions involving alleged misappropriation.

Odogun further clarified that Mr. Rufus had voluntarily appeared before the Commission to address questions about suspicious cash flows linked to Good Earth Power Nigeria Limited. The Counsel affirmed that any complications regarding Mr. Rufus’s bail conditions rested solely on his shoulders.