Breaking: Ex-El-Rufai Aide Denied Bail In Shocking ₦3.9 Billion Money Laundering Scandal

A Kaduna State High Court has denied bail to Muhammadu Bashir Sa’idu, former Chief of Staff to ex-Governor Nasir El-Rufai, in a money laundering case involving the alleged mismanagement of $45 million belonging to the Kaduna State Government.....KINDLY READ THE FULL STORY HERE▶

During Thursday’s hearing, the court ruled against Sa’idu’s bail application, noting that a formal charge had already been filed at Kaduna State High Court II. Justice Isa Aliyu, who is set to oversee the trial, scheduled Sa’idu’s arraignment for January 21, 2025.

Samson Irimiya, Kaduna State Director of Public Prosecution, explained the rationale behind the decision. “The court declined the bail application on the grounds that since the formal charge has been filed, the appropriate court handling the case should consider any bail application,” Irimiya stated.

Sa’idu’s counsel, Oladipo Tolani (SAN), acknowledged the ruling and confirmed plans to reapply for bail at the court handling the main trial. “We respect the court’s decision and will file a fresh bail application with the designated court,” Tolani said.

Allegations of Financial Mismanagement

Sa’idu, a former Commissioner of Finance, is accused of selling $45 million in state-owned hard currency—worth ₦18.4 billion—at an undervalued rate of ₦410 per dollar instead of the prevailing market rate of ₦498 per dollar. Prosecutors allege this transaction resulted in a ₦3.9 billion loss to the Kaduna State Government in 2022.

Additionally, the prosecution claims the ₦3.9 billion discrepancy was laundered, contravening Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.