Tayo Busayo, Abuja
Daily Courier – The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured approval to prosecute a contractor, Mr. Tarry Rufus, and his company, Good Earth Power Nigeria Limited, over allegations of $65 million money laundering.
This follows the dismissal of an application by Rufus at the Federal High Court, Abuja, seeking to halt the ICPC’s legal proceedings against him and his firm.
Rufus, the Chief Executive Officer of Good Earth Power Nigeria Limited, is being prosecuted alongside the former Managing Director/CEO of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Ya’u, and former Executive Director of FMBN, Mr. Bola Ogunsola. The case involves allegations of diverting $65 million meant for the development of 962 residential housing units in the Kubwa District of Abuja.
The ICPC accused Rufus and his company of transferring $3,550,000 in cash from the contract sum, in contravention of the Money Laundering (Prevention and Prohibition) Act, 2022. It further alleged that Rufus converted ₦991,399,255 into $3,550,000 and handed the funds to one Jason Rosamond in cash.
These actions, according to the ICPC, violate Section 18(2)(b) and are punishable under Section 18(a) of the Money Laundering Act, 2022.
Justice Yilwa Joseph of the Federal High Court, Maitama, Abuja, ruled against Rufus’s application, affirming that the ICPC had established a prima facie case of alleged misappropriation.
The judge noted that the evidence before the court demonstrated credible grounds for prosecution, stating that the ICPC was acting within its statutory powers to investigate and prosecute alleged economic crimes.
Justice Joseph also rejected Rufus’s claims of unlawful detention, asserting that the inability of the defendant to meet bail conditions could not be considered a violation of his fundamental rights by the ICPC or the Economic and Financial Crimes Commission (EFCC).
In December 2023, Rufus filed a lawsuit against the ICPC, EFCC, and FMBN, alleging that his detention during the investigation violated his fundamental human rights. He requested the court to:
Prevent the ICPC and EFCC from further involving him in the investigation.
Order the release of all land title documents seized during the investigation.
Award ₦500 million in damages for what he described as “frivolous criminal prosecution.”
Rufus maintained his innocence, claiming he committed no infractions in executing the contentious housing contract.
The ICPC, through its spokesperson, Demola Bakare, reiterated its commitment to prosecuting the case. Bakare described the allegations as severe breaches of the Money Laundering Act and highlighted the Commission's responsibility to ensure accountability.
The ICPC also emphasized that Rufus’s claims of unlawful detention lacked substantiating evidence and were dismissed by the court.
The dismissal of Rufus’s application paves the way for the ICPC to proceed with its prosecution, marking another step in Nigeria’s efforts to combat corruption and financial crimes.
The case, which involves high-profile individuals and significant sums, underscores the need for transparency and adherence to the rule of law in government contracts.
With the trial set to begin, the ICPC has reaffirmed its resolve to hold accountable those found guilty of economic and financial crimes.
