A Kaduna State High Court has denied bail to former Chief of Staff to ex-Governor Nasir El-Rufai, Muhammadu Bashir Sa’idu, in a money laundering case involving alleged financial mismanagement of $45 million belonging to the Kaduna State Government.
At Thursday’s hearing, the court rejected Sa’idu’s bail application, stating that a formal charge had already been filed at the Kaduna State High Court II.
Justice Isa Aliyu, who will preside over the case, has scheduled Sa’idu’s arraignment for January 21, 2025.
Kaduna State Director of Public Prosecution, Samson Irimiya, explained the court’s decision to journalists.
He said, “The bail application ruling was delivered refusing the bail application principally on the ground that since a formal charge had been filed by us, it is better that the applicant goes to the court where the charge is filed and pending to apply for bail.”
Henzodaily reports that the counsel to the defendant, Oladipo Tolani (SAN), confirmed the ruling, stating that they would approach the court handling the primary case for a fresh bail application.
“We respect the court’s decision and will proceed to the appropriate court to reapply for bail as directed,” Tolani said.
Allegations Of Financial Misconduct
Sa’idu, a former Commissioner of Finance, is accused of selling $45 million in hard currency, equivalent to ₦18.4 billion, at the undervalued rate of ₦410 per dollar instead of the parallel market rate of ₦498 per dollar.
This transaction, prosecutors allege, caused a loss of ₦3.9 billion to the Kaduna State Government in 2022.
The prosecution further claims that the ₦3.9 billion discrepancy was laundered in violation of Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.