The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has received approval to proceed with the prosecution of businessman Ta
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has received approval to proceed with the prosecution of businessman Tarry Rufus and his company on charges of alleged money laundering involving $65 million.
This follows a ruling by the Federal High Court in Abuja, which dismissed Rufus; application to prevent the ICPC from prosecuting him and his company.
Rufus, the CEO of Good Earth Power Nigeria Limited, is facing prosecution alongside former president Muhammadu Buhari’s inlaw, Gimba Kumo Ya’u, the former Managing Director/CEO of the Federal Mortgage Bank of Nigeria (FMBN), and Bola Ogunsola, the former Executive Director of FMBN.
The trio is accused of diverting $65 million meant for the development of 962 residential housing units in Kubwa District, Abuja.
ICPC spokesperson Demola Bakare, stated that, Justice Yilwa Joseph of the Federal High Court in Maitama ruled that the evidence presented established a prima facie case of misappropriation.
Consequently, the court found no grounds to prevent the ICPC from carrying out its duties.
The court also dismissed Rufus’s claims of illegal detention, noting that no substantial evidence was provided to support the allegations.
The court further stated that Rufus’s failure to meet bail conditions did not constitute a violation of his fundamental rights, as the ICPC and the Economic and Financial Crimes Commission (EFCC) acted within their legal authority.
Earlier, the ICPC had accused Rufus and Good Earth Power Nigeria Limited of giving and receiving $3,550,000 in cash from the contract sum, which allegedly violated the Money Laundering Act.
The company is also suspected of converting N991,399,255 into $3,550,000 and handing it over in cash to one Jason Rosamond, actions contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
In December 2023, Rufus filed a court application to prevent the ICPC and EFCC from involving him in the investigation, which pertains to a suspected $65 million fraud involving the former FMBN CEO, Ya’u.
