Alhaji Muhammad Bashir Sa’idu, the former Chief of Staff to ex-Kaduna State Governor Malam Nasir El-Rufai, has reportedly implicated his former principal in a money laundering case involving $45 million in state funds.
Sa’idu, who also served as Commissioner of Finance during El-Rufai's administration, is accused of converting the funds at an undervalued rate of ₦410 per dollar, rather than the prevailing parallel market rate of ₦498 per dollar, causing a financial loss of ₦3.96 billion to the state government.
The Allegations
Security agencies allege that the discrepancy, which occurred in 2022, was laundered in violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022. Following his arrest and arraignment on December 31, 2024, Sa’idu was remanded at the Kaduna Correctional Centre.
Confessional Statement
In his statement to law enforcement, Sa’idu reportedly claimed that the currency conversion decisions were directed by El-Rufai himself.
“The procedure for currency conversion was not the decision of the Commissioner of Finance but that of His Excellency, the then Governor of Kaduna State, Malam Nasir El-Rufai,” Sa’idu stated. He added that conversion bids were forwarded to the governor for approval and, in many instances, the bids were higher than the prevailing parallel market rates.
Legal Implications
Under Section 18(3) of the Money Laundering Act, individuals found guilty of such offences face imprisonment of four to 14 years, a fine of no less than five times the crime's proceeds, or both.
Next Steps
While Sa’idu remains in custody, the prosecution is building its case, potentially paving the way for further investigations into El-Rufai’s alleged role. The revelations could have significant political and legal ramifications for the former governor.
The Kaduna State Government and other stakeholders are yet to issue official statements on the developments.
