Alhaji Muhammad Bashir Sa’idu, the former Chief of Staff to Malam Nasir El-Rufai, has reportedly implicated his former principal in a confessional statement related to a money laundering case. Sa’idu, who was arrested and arraigned on December 31, 2024, is facing charges for selling $45 million in state funds at an undervalued exchange rate, causing a loss of approximately ₦3.96 billion to the Kaduna State Government.
The sale took place in 2022 when Sa’idu served as the Commissioner of Finance under El-Rufai’s administration. According to a security source, Sa’idu’s confession has linked El-Rufai to the alleged financial misconduct.
The accused reportedly stated, “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. Whenever the need arose to convert funds to naira, the Governor would direct how much to convert. Bids from various buyers were obtained, and in most cases, the bids I forwarded to His Excellency for approval were higher than those available in the parallel market.”
Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022, stipulates that anyone who violates subsection (2) is liable, upon conviction, to imprisonment for a term of not less than four years and not more than 14 years, a fine of no less than five times the value of the proceeds of the crime, or both.
Connect with us on our socials: