High-Stakes Fraud: Court Sends Ex-Kaduna Finance Boss To Prison

High-Stakes Fraud: Court Sends Ex-Kaduna Finance Boss To Prison

The Kaduna State High Court has remanded Bashir Sa’idu, ex-Chief of Staff to former Governor Nasir El-Rufai, in a correctional facility pending the…High-Stakes Fraud: Court Sends Ex-Kaduna Finance Boss To Prison

hearing of his bail application.

Presiding over the case, Justice Isa Aliyu adjourned the bail hearing to Thursday, January 23, 2025. Sa’idu, who also served as Kaduna State Commissioner for Finance, faces a 10-count charge, including allegations of money laundering, embezzlement, and theft.

Key Allegations

According to prosecutors, Sa’idu sold $45 million of Kaduna State Government’s funds at an undervalued rate of ₦410 per dollar instead of the prevailing market rate of ₦498 per dollar. The deal allegedly caused a financial loss of ₦3.96 billion to the state.

The funds were reportedly laundered in violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

Court Proceedings

During Tuesday’s proceedings, Sa’idu pleaded not guilty to the charges. His counsel, M.I. Abubakar, urged the court to grant bail, arguing that Sa’idu had been in custody since January 2, 2025, and required time to prepare his defense.

However, the prosecution, led by Prof. Nasiru Aliyu, opposed the bail request, citing a seven-day window allowed by law to file responses to such applications.

Justice Isa Aliyu ruled in favor of allowing the prosecution additional time and adjourned the case until January 23, 2025. Sa’idu will remain in custody until then.

This case is being closely monitored as it highlights the growing scrutiny of public officials’ financial management in Nigeria.

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