Alhaji Muhammad Bashir Sa’idu, a former Chief of Staff to Malam Nasir El-Rufai, has accused the ex-Governor of Kaduna State of direct involvement in a controversial financial transaction.
The allegations emerged during an ongoing investigation into the alleged mismanagement of public funds.
Sa’idu, who also served as the state’s Commissioner of Finance, was taken into custody on December 31, 2024. He was subsequently arraigned at the Chief Magistrate Court in Rigasa, Kaduna, where the court ordered his remand.
The case centers around the alleged sale of $45 million in state-owned hard currency at an undervalued rate of ₦410 per dollar—far below the prevailing parallel market rate of ₦498 per dollar. This transaction reportedly caused a loss of approximately ₦3.96 billion to the Kaduna State Government.
The prosecution claims the transaction occurred in 2022 during El-Rufai’s tenure as Governor. According to Sa’idu’s reported confession, the decision to convert the funds was made directly by El-Rufai.
“He personally instructed how much to convert and oversaw the bidding process,” Sa’idu is quoted as saying by THE NATION.
Allegedly, the former Governor often approved bids offering lower exchange rates, rejecting more favorable ones. This accusation brings a new dimension to the case, which involves violations of the Money Laundering (Prevention and Prohibition) Act, 2022.
If convicted, individuals involved could face up to 14 years in prison and fines five times the value of the laundered funds.